David Filo, a billionaire southern Louisiana native who co-founded Yahoo!, is not purchasing the New Orleans Hornets from the NBA, according to Yahoo!.

Reports surfaced Wednesday that suggested Filo, who grew up outside of Lake Charles in southeastern Louisiana and attended Tulane University in New Orleans, had emerged as a potential local buyer for the Hornets. The NBA announced this week that it will purchase and run the franchise.

The depth chart in terms of potential New Orleans buyers for the franchise is shallow. In announcing the NBA's takeover of the Hornets, league commissioner David Stern did not say whether he will focus on or give preference to local bids as the NBA attempts to flip the team for a profit. It is overwhelmingly likely that groups from other markets such as Kansas City, Seattle, Chicago, Anaheim or even Louisville will be able to offer a higher bid and more stability for the franchise than New Orleans can.

Filo, who co-founded Internet juggernaut Yahoo! with Jerry Wang in the 1990s, is still with the company. A company spokesperson said that reports Filo is buying the Hornets are not true. The league said it is in no rush to flip the franchise to a new owner. No New Orleans-based potential owner has come forward publicly in the four days since the NBA's takeover.