Saints' owner Tom Benson will purchase the New Orleans Hornets.

The purchase price is believed to be $338 million.

The NBA bought the Hornets from George Shinn and Gary Chouest for approximately $300 million in December of 2010.

"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."