NBA Sells Hornets to Benson
The New Orleans Hornets have reportedly been sold, and they won't be leaving the crescent city.
Tom Benson, who also owns the New Orleans Saints of the NFL, has bought the Hornets franchise.
He will pay $338-million for the team that originated in Charlotte, North Carolina as an expansion team twenty-five years ago.
The NBA has owned the Hornets since December, 2010.
Last month, the team and the state of Louisiana reached a lease agreement that will keep the Hornets in their arena for at least twelve more seasons.
The Hornets are in the midst of an awful season, with a 16-42 record.
Benson has been pursuing ownership of the hornets for several months.