The chess match that is being played to determine the future of the Charlotte Hornets continues, with new moves coming almost daily.

But is checkmate now inevitable for co-owners George Shinn and Ray Wooldridge?

That's the question being asked inside the organization and around town in the aftermath of Monday night's announcement that a group of high-profile Charlotte businessmen have pledged $100 million toward the construction of a new arena.

The offer, presented to the Charlotte City Council by a group representing Bank of America, Wachovia and Duke Energy, could be almost impossible for the city to turn down.

It has been well received by the NBA, and it gives NBA owners all the reason they need to disapprove any move Shinn and Wooldridge may petition for in the coming months.

Yet, it would probably not provide the revenue streams to Shinn and Wooldridge necessary for them to remain as NBA owners - especially if local businesses continue to put the financial squeeze on them by refusing to buy luxury suites and advertising.

Checkmate?

If city council approves construction of a new arena and agrees to the stipulations of the Charlotte business group's proposal, Shinn and Wooldridge could be left with limited options, backed into a corner.

They would either be forced to sell the team, keep the team in Charlotte and continue to lose money even in the new arena, or else go through the seemingly no-win situation of battling the league and moving to a smaller market. Moving, even if approved by the league, would come at a hefty price in the way of a multi-million dollar relocation fee - and possibly hefty legal costs, too. In other words, they could bleed to death financially here, bleed to death elsewhere, or sell.

The only thing that could save them would be a deal elsewhere so lucrative that they could withstand all financial hits, and none appear to be out there for now.

Hornets officials declined comment again yesterday on the proposal by Charlotte businessmen. Wooldridge and Shinn have continually declined interview requests from North Carolina media outlets, while talking to media in Norfolk, Louisville and New Orleans.

Shinn met with other team executives to discuss the team's options yesterday at the team's Hive Drive offices, while Wooldridge remained in New Orleans, where he has been meeting with officials this week.

Wooldridge told the media in New Orleans again yesterday that he was committed to moving the team, and said he would like to have a final decision by the end of January.

He and Shinn have steadfastly maintained throughout that they have no desire to sell the team.

Also yesterday, officials in Louisville held a news conference to say that they were still in the running for the team. Wooldridge at one point said that Louisville was the leading candidate to land the team.

The Hornets have until March 1 to apply to move the team next season, although they could file to have that deadline extended.

The group of Charlotte businessmen are asking that city council make a decision to accept their offer by Feb. 11.