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.
Jul 11, 2014, 10:46 AM EDT
Landing Parsons would squeeze some of the money for other Dallas role players.
Jul 11, 2014, 9:15 AM EDT
Could such a leak be LeBron setting up a reason to reject Cavaliers and return to Heat?
Jul 11, 2014, 8:44 AM EDT
If Carmelo chooses New York or Chicago, the Lakers should wait for the next big star.
Jul 11, 2014, 8:00 AM EDT
He’s waiting to see what option is the most attractive… which really means who offers the most money.
Jul 11, 2014, 12:35 AM EDT
Will we actually know the result of Heat-Cavaliers before Germany-Argentina? Probably, but not definitely
Jul 10, 2014, 11:48 PM EDT
Hornets first-round pick making a lot of headlines for the wrong reasons
Jul 10, 2014, 10:47 PM EDT
Of course, Wallace believes Michael Jordan and Kobe Bryant take over games
Jul 10, 2014, 9:44 PM EDT
Apparently, Melo returning to New York is not a forgone conclusion
Jul 10, 2014, 8:59 PM EDT
Closing arguments are set for July 28, so no quick end to this.
Jul 10, 2014, 8:15 PM EDT
The Suns keep a fan favorite.
Jul 10, 2014, 7:35 PM EDT
The Suns already have a deep backcourt, but Thomas would fit their offense.
Jul 10, 2014, 6:50 PM EDT
This will either be the garbage-time sideshow for Miami next season, or the lone bastion of hope for the future of what remains of Heat fans.
Jul 10, 2014, 5:59 PM EDT
Like everyone else, Phil Jackson is in a holding pattern.
Jul 10, 2014, 5:40 PM EDT
Why would you show up to LeBron’s empty house?
Jul 10, 2014, 4:59 PM EDT
He had a good playoff run for Memphis, that got him a new deal.
Jul 10, 2014, 4:16 PM EDT
“Instead of thinking of reasons why your coach should be playing you, honestly assess reasons as to why he isn’t.”
Jul 10, 2014, 3:33 PM EDT
A run down of the free agent signings we have so far.
Jul 10, 2014, 2:51 PM EDT
Houston has 72 hours to match
Jul 10, 2014, 1:44 PM EDT
Tolliver could land on a quality team next season.
Jul 10, 2014, 1:02 PM EDT
Signing likely signals end of Mo Williams’ time in Portland
- Report: LeBron James still upset by Dan Gilbert’s infamous letter 63
- While waiting on Plan A to make up his mind, Lakers mulling Plan B options 9
- Report: Heat and Cavaliers expect decision before LeBron James leaves for Sunday’s World Cup final 56
- Reports: Carmelo Anthony unsure on Knicks, can’t get the Bulls out of his head 50
- Phil Jackson says he has not heard from Carmelo, has tried to recruit Gasol 35
- With lower-than-expected salary cap, will Rockets and Pelicans still complete Omer Asik trade? 20
- Reports: LeBron James and agent done meeting with teams 80
- Rockets can’t keep Dwight Howard, James Harden and Chandler Parsons and give Chris Bosh max contract 46