The New Orleans Saints owner Tom Benson has purchased the New Orleans Hornets. He will be the teams sole owner with a purchase price of $338 million. The NBA who only wanted to sell to someone who was willing to keep the franchise in New Orleans most recently owned the Hornets. The new owner must also take on the lease to the arena negotiated by the NBA and Gov. Bobby Jindal. The lease is valid through 2024 and also calls for $50 million in renovations to the arena.
As an incentive to prospective owners, league officials spent the past offseason building the season-ticket fan base to 10,000 as well as attracting major corporate sponsors. Benson has owned the Saints since 1985 and helped bring them to their first Super Bowl title in 2010. The Hornets have had dismal seasons especially since losing Chris Paul this year. Hopefully they’re able to turn it around.