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 30, 2014, 10:30 PM EDT
“His unique skill set makes him one of the best players in the game today.” —Pat Riley on Chris Bosh, who still is overpaid.
Jul 30, 2014, 8:59 PM EDT
Pat Riley got beat in free agency, and he doesn’t take losing well.
Jul 30, 2014, 8:00 PM EDT
Scott, not Mike Brown, would have followed Phil Jackson
Jul 30, 2014, 6:59 PM EDT
“He’s playing out of his mind. He’s being Derrick Rose.” —Anthony Davis on Rose.
Jul 30, 2014, 6:05 PM EDT
NBA reportedly wanted Bavetta to retire four years ago
Jul 30, 2014, 5:17 PM EDT
The elicits a shrug of the shoulders. Not much else.
Jul 30, 2014, 4:29 PM EDT
Thunder star texted Davis after winning the award last season: ‘You on your way to get it’
Tony Parker says skipping FIBA World Championships this summer was a way for him to ‘give back to the Spurs’
Jul 30, 2014, 3:41 PM EDT
Parker has played 91 extra games since his last summer break three seasons ago.
Jul 30, 2014, 2:59 PM EDT
“Guys that don’t have a reputation for playing hard defense are picking up full court.” —Damian Lillard on the level of play at Team USA training camp.
Jul 30, 2014, 2:19 PM EDT
Dallas originally signed Lewis, but voided his contract once it was discovered he would require knee surgery.
Jul 30, 2014, 1:34 PM EDT
Cleveland, Chicago, Indiana, Miami, Toronto and Washington all simply shake their heads.
Jul 30, 2014, 12:47 PM EDT
World Peace hasn’t drawn legitimate interest from NBA teams, so he’s considering playing overseas.
Jul 30, 2014, 12:01 PM EDT
Silly idea anyway.
Report: Anthony Bennett pulled from pro-am by agent, possibly due to his inclusion in Kevin Love trade talks
Jul 30, 2014, 11:14 AM EDT
Just like Love, Bennett is not going to be playing in any games this summer until a deal is done.
Jul 30, 2014, 10:32 AM EDT
Sixers put a multi-year plan together based on current rules, which would be adversely affected with a quick change to the system.
Jul 30, 2014, 9:55 AM EDT
This was 100 percent guaranteed.
Jul 30, 2014, 9:18 AM EDT
Hayward set to earn $62,965,420 over next four years
Jul 30, 2014, 8:40 AM EDT
“Everyone talks about match-ups (with big teams such as Spain), people have to match-up against us, too.” — USA Basketball coach Mike Krzyzewski
Jul 30, 2014, 8:00 AM EDT
LeBron still not as popular as prior to The Decision, though. It’s only a matter of time until he is.
Jul 30, 2014, 1:30 AM EDT
Cavaliers guard says initial response stemmed from his straightforward approach, confidence
- Pat Riley says he didn’t think LeBron was leaving, Heat can turn around quickly 14
- Coach K on Rose: “Derrick’s played great, not good, and hasn’t held anything back” 16
- Report: Anthony Bennett pulled from pro-am by agent, possibly due to his inclusion in Kevin Love trade talks 41
- Report: Sixers fighting against immediate changes to NBA Draft Lottery system 56
- Team USA going small ball, but how many bigs do they keep on the bench? 4
- Report: LeBron James more popular than he ever was with the Heat 14
- Durant says 2014 USA team better than 2010 version that won gold 6
- Kevin Durant knows you’re talking about his free agency but isn’t giving many clues. He liked what LeBron did. 17