NBA Sells New Orleans Hornets for $338 Million

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bill-swift - April 14, 2012

When the NBA season finally began, it found itself in a rather precarious situation. The league had bought a franchise, the New Orleans Hornets, from its former owner in order to ensure the team remained in the Big Easy.

Perhaps due to the lockout there either wasn't anyone that came forward to buy the team or the league never looked (since it had bigger issues to deal with). When the 2011-12 season did start, the league was still in control of one of its teams. Of course when the Hornets popped up in trade talks accusations of funny business swirled like wild fire. That will not be an issue anymore though. The league has found a new owner—New Orleans Saints owner Tom Benson.

There had been rumors that another group of investors had been expected to buy the team, but when the opportunity came to sell it to a single investor with strong, established ties to the community, it was clear who the obvious choice was.

The deal is not final yet; the NBA Board of Governors has to approve the sale. It would be an absolute shock if they don't. With a reported sale price of $338 million it looks like the league will even make a little change off of the deal (they bought the Hornets for $300 million).

Article by Travis Pulver

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