New Orleans Saints owner Tom Benson to purchase New Orleans Hornets for $338 million

The New Orleans Hornets finally have a new owner and won’t be leaving the city. NBA.com’s David Aldridge has reported that New Orleans Saints owner, Tom Benson will personally purchase the team for $338 million. That’s a profit of $20 million for the NBA who purchased the team in December 2010.

 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 NFL has a policy against cross ownership but that only applies if the two franchises are in different cities. The team and the state of Louisiana agreed to extend the lease for the Hornets at New Orleans arena that extends to 2024. The agreement also calls for the state to fund $40 million in improvements.