NBA Board of Governors approve the sale of New Orleans Hornets to Tom Benson
On Wednesday the NBA Board of Governors approved Tom Benson`s takeover of the New Orleans Hornet franchise. Benson who had purchased the Hornets back on April 13th for $338 million is also the owner of New Orleans Saints,
making him owner of the City`s top two sporting franchises.
According to sources familiar with the process, the NBA had been gathering votes all week from the Board of Governors to make Benson the official owner of the Hornets. The official announcement from the Hornets management is to
follow up very soon.
Along with getting the nod of approval from all the Board of Governors, Louisiana`s, Bobby Jindal has also signed a $60 Million outlay bill for improvement to the New Orleans Arena while also granting an extension on the Quality
Jobs Tax Credit which will see the Hornets lease in the arena up to 2024.
The improvements being made to the Arena will help the Hornets reap additional benefits, monetarily. NBA has taken over the franchise last year, after the previous owner George Shinn decided to sell it.
Since the takeover of the Hornets, Stern appointed Jac Sperling with the task to search for a new owner for the franchise. The credential requirements for the new owners were simple as the NBA preferred that the Hornets stayed
in the City of New Orleans.
Along with keeping the franchise rooted to the Big Easy, the new owners were also expected to help the monetary conditions of the team.
The takeover was announced back in April and in a mutually held press conference Stern congratulated Benson, “Congratulations, Tom. You’re one player away.” – Stern had said.
Benson had been waiting on confirmation of his ownership from the board of governors which was merely a procedural requirement. Along with getting the ownership, the other good news for Benson is that legislature after a long debate
opted to include a capital funding for the improvement of the arena which will be around $7-$8 million annually with the condition of predefined financial levels not being achieved.
The announcement on Wednesday of the approval from the NBA Board of Governors has put an end to the widely criticised decision by the league to own the Hornets in the first place.
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