I'm not a big NBA follower, but let me try this reasoning:
The Hornets moved from Charlotte to NO, for what ever reason possesed the owners to believe the franchise would be more successful and lucritive there. [And in the meantime Charlotte is going to get (or already have), a new team.] Now a team in NO is split with Oklahoma City with no apparent home court in Okie, since the NO_OK team is based for home games and franchise management in NO? Sounds like they should have just spelled out the new acronym in full. NOOKIE cause someone's gettin' it.