BOG Approves Sale Of Hornets To Benson
Jun 15, 2012 6:49 PM EDT
The purchase of the New Orleans Hornets by Tom Benson was completed today after having been approved by the National Basketball Association’s Board of Governors. Per league policy, the terms of the transaction were not released. Tom Benson is now officially the new owner of the New Orleans Hornets.
In conjunction with the finalization of the ownership transaction, the Hornets’ lease extension with the State has been approved by Governor Bobby Jindal and the Louisiana legislature. The extension will keep the Hornets in New Orleans long term, as well as provide funding for upgrades to the New Orleans Arena. The agreement also included the elimination of all exit options, attendance benchmarks, and financial inducements.