Skip to content

Hornets to be sold to Saints owner Tom Benson for $338 million

Apr 13, 2012, 12:09 PM EDT

Tom+Benson+New+Orleans+Saints+v+Minnesota+AArmV4XJEwDl Getty Images

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.

Latest Posts
  1. Nuggets mascot in trouble after making unauthorized appearance at GOP rally

    Sep 30, 2014, 10:51 PM EDT

    Los Angeles Lakers v Denver Nuggets Getty Images

    Professional sports franchises are businesses above all else, and typically would rather avoid politics.

  2. Tuesday And-1 Links: Rudy Gay, Kings not really talking next contract right now

    Sep 30, 2014, 9:00 PM EDT

    Rudy Gay, Pete D'Alessandro, Michael Malone Rudy Gay, Pete D'Alessandro, Michael Malone

    Ben McLemore knows how to photobomb. His coach isn’t sure he can do much else.

  3. John Calipari hired someone to send NBA advanced stats of Kentucky’s players

    Sep 30, 2014, 7:20 PM EDT

    John Calipari John Calipari

    I don’t know whether this helps Kentucky’s players. It opens Calipari’s options, though.

  4. Former NBA player, current TNT analyst Kenny Smith gets reality show with family

    Sep 30, 2014, 6:28 PM EDT

    Kenny Smith Getty Images

    Now we know what show promos TNT is going to beat us over the head with during the next playoffs.

  5. ProBasketballTalk 2014-15 Preview: Miami Heat

    Sep 30, 2014, 5:44 PM EDT

    Chris Bosh Chris Bosh

    Expectations are reduced, but Miami still has the chance to be pretty a pretty good team — even without LeBron James.

  6. Dion Waiters on claim Wizards have NBA’s best backcourt: ‘That’s nonsense’

    Sep 30, 2014, 4:20 PM EDT

    Washington Wizards v Cleveland Cavaliers Getty Images

    John Wall fires back: ‘They haven’t seen a playoff game yet. When they make one they can start talking.’

  7. Mike Miller points to him being amnestied as start of LeBron James leaving Miami

    Sep 30, 2014, 2:59 PM EDT

    San Antonio Spurs v Miami Heat - Game 7 Getty Images

    Mike Miller being amnestied may have been the first domino to fall in LeBron bolting.

  8. LeBron James dealing with back pain

    Sep 30, 2014, 12:59 PM EDT

    Cleveland Cavaliers Media Day Getty Images

    LeBron could miss Cavaliers’ practice tonight

  9. Brian Shaw wants Ty Lawson to watch Peyton Manning practice, lead team

    Sep 30, 2014, 11:40 AM EDT

    Chicago Bulls v Denver Nuggets Getty Images

    Manning leads by detailed preparation and then an ability to read a defense, a good example for any point guard.

  10. Ricky Rubio with half-court alley-oop to Andrew Wiggins (VIDEO)

    Sep 30, 2014, 9:30 AM EDT

    Timberwolves New Players Getty Images

    We could see a lot more of this during the season.

Featured video

What players stood out at World Cup?
Top 10 NBA Player Searches
  1. L. James (4005)
  2. R. Rondo (3899)
  3. K. Bryant (3643)
  4. E. Bledsoe (2669)
  5. R. Allen (2640)
  1. D. Wade (2524)
  2. D. Williams (2347)
  3. D. Rose (2187)
  4. K. Leonard (2134)
  5. P. George (1966)