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 3, 2015, 11:08 AM EDT
I doubt Sacramento is celebrating quite yet
Jul 3, 2015, 10:31 AM EDT
Brooklyn making most of a self-inflicted bad situation
Jul 3, 2015, 9:50 AM EDT
If LaMarcus Aldridge signs elsewhere, San Antonio makes a lot of sense
Jul 3, 2015, 9:14 AM EDT
So Knicks are probably getting Robin Lopez
Jul 3, 2015, 8:30 AM EDT
In this market even if these deals are misses, they are correctable ones.
Jul 3, 2015, 8:00 AM EDT
I don’t think the Lakers are all that serious here.
Jul 3, 2015, 2:19 AM EDT
Sacramento had made a big push but again missed out on their target.
Jul 2, 2015, 11:31 PM EDT
Martin had hoped to return full-time last season, but the opportunity never materialized.
Jul 2, 2015, 10:34 PM EDT
Sacramento needs to overpay much more than that to lure free agents.
Jul 2, 2015, 9:22 PM EDT
Lopez is solid, and New York and L.A. need talent after striking out with the big names thus far.
Report: Damian Lillard planning L.A. visit to try to convince LaMarcus Aldridge to re-sign with Blazers
Jul 2, 2015, 8:21 PM EDT
Interesting wrinkle to the Aldridge free agency saga.
Jul 2, 2015, 7:07 PM EDT
The Wizards will only give up a future second-rounder.
Jul 2, 2015, 6:55 PM EDT
Butler just signed a five-year deal to stay in Chicago.
Jul 2, 2015, 6:30 PM EDT
Toronto makes the list with DeMarre Carroll.
Jul 2, 2015, 6:08 PM EDT
Report: Mavericks and Pacers will discuss Monta Ellis/Roy Hibbert sign-and-trade if Mavs don’t get DeAndre Jordan
Jul 2, 2015, 5:24 PM EDT
The Pacers have been shopping Hibbert for a while.
Jul 2, 2015, 4:38 PM EDT
Aldridge doesn’t want to play center.
Jul 2, 2015, 4:37 PM EDT
It would take an unlikely sign-and-trade to make it happen.
Jul 2, 2015, 4:26 PM EDT
They want to “get it right.”
Jul 2, 2015, 4:25 PM EDT
Also, who got overpaid so far?
- PBT Extra: Free agent signings we didn’t love 4
- Report: Wes Matthews reaches agreement to join Dallas Mavericks 19
- PBT Extra: Five best free agent signings in the first days of free agency 9
- Dwyane Wade agrees to one-year, $20 million deal to stay with Heat 54
- PBT Podcast: Talking best signings of free agency so far 0
- Report: Pacers agree to four-year, $44 million contract with Monta Ellis 22
- Report: Greg Monroe signing a maximum contract with Bucks 56
- Lakers, Knicks struggle on hectic first day of free agency 64