Wednesday, Dec. 22, 2010
NEW ORLEANS (AP) The NBA has completed its purchase of the New Orleans Hornets.
The league announced Monday that its board of governors has given its anticipated approval of the purchase.
NBA commissioner David Stern announced Dec. 6 that the league intended to buy the Hornets from majority owner George Shinn and minority owner Gary Chouest.
Shinn had been trying to sell the club to Chouest since last spring but negotiations had stalled.
Stern says the franchise is worth about $300 million and that the league will look to sell the club to a more permanent owner, preferably one that would keep the team in New Orleans.