Saints owner Tom Benson buys New Orleans Hornets – NBA Update
Its officials – the New Orleans Hornets has a new owner and its none other than the 84 year old owner of NFL franchise New Orleans Saints, Tom Benson.
The Big Easy native agreed to buy the NBA owned franchise on Friday and vowed to make the Hornets one of the premier teams in NBA;
“We expect this club to be one of the most outstanding clubs in the league, otherwise I don’t want to get involved,” Benson said. “This is just a good thing and I’m just glad to be a part of it.”
The league has been trying to sell the franchise which it bought from founding owner George Shinn in December 2010, ensuring that the team remains in New Orleans all the while. In Benson, they have found an ideal buyer. It was
in 1985 when Benson thwarted the efforts of moving the Saints from the city and after 25 years, in 2010, the franchise won its first Super bowl.
“The city is one of the country’s treasures and we really have found the perfect owner,” Commissioner David Stern said. “Our goal all along has been to get the Hornets bought by somebody whose commitment to New Orleans would be
unrivaled.”
The deal still needs the blessings of the NBA board of governors, which in all certainties will just be a formality. It also includes a clause according to which Benson will have to accept the lease agreement already worked out
between the league and the city officials for the state owned New Orleans arena. The lease agreement, which is till 2024, requires the new owner to contribute $ 50 million for the betterment of the basketball related facilities.
Once the NBA approves the sale deed, the next step will be a decision from the City council which is also expected to be overwhelmingly favourable. The financial details of the deal have not been announced yet, but the news has
certainly put an end to the cloud of uncertainty hanging over the Hornets. The franchise lost its major stars in Chris Paul and David West in the preseason and it had a lot to do with the unsure future of the club.
Now with players like Eric Gordon and Chris Kaman present and a lottery pick almost guaranteed, the small market franchise can look towards rebuilding.
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