Tom Benson, current owner of the New Orleans Saints for over 3 decades, just purchased the Hornets for a whopping $338 million. The league had purchased the Hornets from George Shinn for $318 million in December 2010 because of his financial problems.
The deal is supposed to be officially announced later on Friday by NBA Commissioner David Stern in Manhattan. Stern had his work cut out for him to keep the franchise in New Orleans, but Benson's dedication to the city and it's professional sports teams made him the perfect fit.
Benson, a New Orleans-native, has owned the Saints for nearly three decades and helped bring the franchise its first Super Bowl title. His ownership of the Hornets means the two small-market franchises can now partner to attract cooperate sponsorships.
Source: USA Today