Saints owner buys Hornets 0
The New Orleans Hornets were bought by the NFL's Saints on Friday, April 12, 2012. (Jonathan Bachman/Reuters)
Saints owner Tom Benson has bought the New Orleans Hornets from the NBA.
NBA Commissioner David Stern made the announcement on Friday.
"I know that Tom is a firm believer in investing in New Orleans," Stern said. "He has made huge commitments. Our goal all along has been to get the Hornets bought by someone who's commitment to New Orleans would be unrivaled and who adds so much additional value as the owner of the Saints does."
The league bought the Hornets for a reported $318 million from George Shinn in December 2010. It is being reported by NBA.com that Benson has bought the NBA team for $338 million.
Benson, under NFL rules, is allowed to own both clubs because they are in the same market.
The 84-year-old Benson purchased the Saints from John Mecom in 1985. He helped guide the franchise its first Super Bowl title after the 2009 season.
But the Saints have come under scrutiny recently, dealing with multiple NFL penalties due a bounty program.
The Hornets moved to New Orleans from Charlotte in 2002, but the club spent two full seasons in Oklahoma City after Hurricane Katrina in 2005.
"We expect this club to be one of the most outstanding clubs in the league, otherwise I wouldn't want to get involved with it," Benson said. "Right off the bat, our goal is to win championships. Our goal is going to be that this thing is going to be great for New Orleans."