Apr 13, 2012, 12:09 PM EDT
Tom Benson, the long-time owner of the New Orleans Saints, now will own both professional sports teams in that market.
Benson has reached a deal to buy the team for $338 million, reports David Aldridge of NBA.com.
The league reached a tentative agreement early Friday morning with New Orleans Saints owner Tom Benson to buy the team for $338 million, according to a source with knowledge of the discussions.
The NBA Board of Governors had been expected to approve a sale of the team at its meetings this week in New York. Going into the week a California-based group led by Mike Dunleavy and Raj Bhathal was considered the front runner. But Benson stepped forward able to buy the team himself, without a group of investors, and that plus his ties to New Orleans apparently swayed the other owners.
A source indicated that Tom Benson spoke with Stern on Monday, and the deal came together quickly after that discussion. Benson will have to pay approximately 10 percent of the purchase price immediately. The NBA’s Finance Committee is expected to approve the sale Friday morning before the Board of Governors meeting adjourns, with final approval on the sale expected later in the spring.
The Times-Picayune broke the story this morning.
The NFL used to have strict rules against their owners also owning teams in other sports, but that has been relaxed to allow owners to have multiple teams in the same market, according to ProFootballTalk at NBC.
The league bought the Hornets from George Shinn, who tried his hardest to run that team into the ground and ruin the market like he had done in Charlotte. That sale price was reportedly $318 million (so the owners turn a small profit on the deal). While operating the team the NBA was able to negotiate a new, more favorable lease deal for the New Orleans Arena — a deal that keeps the team in the city through 2024 — and to build up the season ticket and fan bases in the city. That plus a new CBA that is more favorable to small markets made the Hornets attractive to investors.
The fans in the Big Easy have stepped forward to support the team. They deserve stable ownership and now they have it.
Apr 1, 2015, 4:51 PM EDT
Seen at Summer League he was project, we’ll see how far along he has come.
Apr 1, 2015, 4:21 PM EDT
Curry is going to win this award. More than that, he’s earned it.
Apr 1, 2015, 3:15 PM EDT
Anderson has missed the last 18 games due to injury, and New Orleans is trying to catch OKC for the final playoff spot in the West.
Apr 1, 2015, 2:30 PM EDT
A 16th during the regular season would mean a one-game suspension.
Apr 1, 2015, 1:50 PM EDT
Stephenson didn’t play in his team’s last game as a result of the coach’s decision.
Apr 1, 2015, 1:10 PM EDT
Not as devastating as the one that’s made the rounds, but deadly nonetheless.
Apr 1, 2015, 12:30 PM EDT
We know it’s LeBron’s world in Cleveland, but this makes Blatt look a bit silly.
Apr 1, 2015, 11:50 AM EDT
This isn’t the first time one of the Clippers has publicly pointed out the obvious.
Apr 1, 2015, 11:10 AM EDT
The rivalry continues.
Kevin Durant says he’d ‘love to’ stay with Thunder his entire career, wants his jersey retired in OKC
Apr 1, 2015, 10:30 AM EDT
Durant will be an unrestricted free agent after next season.
Apr 1, 2015, 9:50 AM EDT
The Internet went nuts with memes of Paul falling down, and he got in on the fun himself.
Apr 1, 2015, 9:10 AM EDT
Apr 1, 2015, 8:30 AM EDT
Hollins believes what he believes, evidence to the contrary be damned.
Apr 1, 2015, 8:00 AM EDT
He was the reason the Clippers were close to the Warriors.
Apr 1, 2015, 1:34 AM EDT
We may have to watch the Nets in the playoffs. Lord help us all.
Apr 1, 2015, 12:50 AM EDT
Curry just dropped the best defensive point guard in the NBA.
Mar 31, 2015, 11:00 PM EDT
The deer is angrier
Mar 31, 2015, 10:00 PM EDT
Curry and Harden seem to be the frontrunners.
Mar 31, 2015, 9:00 PM EDT
“Not what I envisioned coming into this season. But I’m here and ready to conquer this journey.” —Kevin Durant
Mar 31, 2015, 7:59 PM EDT
Which is easier to insult, the Lakers or Justin Bieber?
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- Thunder say Kevin Durant underwent successful bone graft surgery, will return in 4-6 months 4
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- Derrick Rose returns to full-contact practice, Bulls return date still unknown 13
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