The Sports Xchange
NBA sells Hornets to NFL Saints owner Benson
The new owner will be an old owner in the Big Easy.
NBA Commissioner David Stern announced Friday that the league-owned New Orleans Hornets have been sold to Tom Benson — who also owns the NFL New Orleans Saints.
The sale brings to close 16 months of uncertainty for the 24-year-old franchise that already has played in three cities.
The NBA Board of Governors approved the sale to Benson for $338 million at its meetings, according to the New Orleans Times-Picayune.
Benson told the Times-Picayune he will be the sole owner.
“I’m not too good with partners,” he said
Benson originally bid in January for the team, but balked when he thought the league’s asking price was too high. He jumped back into the bidding because, as he told the Times-Picayune, he thought other absentee ownership groups might try to move the team despite a new lease agreement at New Orleans Arena that runs through 2024.
“We really never stopped talking to them (the NBA). With out of state owners. . . . I called David (Stern, NBA commissioner) and said, ‘Look I’m the only guy you can count on who’s really going to stay here. Let’s work this thing out.’ “
Benson said Dennis Lauscha, the Saints’ chief financial officer, will oversee both the Saints and the Hornets. But he said they will have separate management operations.
“We’re going to operate this as a separate unit altogether,” Benson said. “I don’t see right now that we’re going to be able to interlock a lot of stuff. . . . We’re going to have a management staff there just like you do in any other business.”
Benson outbid an offer from a group including California swimwear manufacturer Raj Bhathal and former minority owner Gary Chouest. Bhathal and Chouest had separate bids at one time, but combined their bids.
The league acquired the team 16 months ago from founding owner George Shinn for $318 million to prevent him from selling to an investor who wanted to move the franchise, which was founded in 1988.
Shinn had moved the franchise from Charlotte to New Orleans in 2002 after dwindling attendance. The team spent 2005-07 in Oklahoma City while New Orleans was recovering from the devastation of Hurricane Katrina.
The Hornets have faced more attendance issues since returning to New Orleans.
Benson signed the purchase agreement Thursday night, the Times-Picayune reported. Benson will assume $125 debts for the team.
Benson, who made his fortune as a Texas car dealer, purchased the Saints in 1985. They have made nine playoff appearances under Benson and won the Super Bowl in 2009. He also once owned 10 percent of the San Antonio Spurs.
Benson will push to rename the franchise to match the region’s rich heritage.
“We need to find a name like (Jazz),” Benson said, referring to New Orleans first NBA team that relocated to Salt Lake City in 1979. “Whether we can get that or let us use that, you’ve got to know we’re working on it. We’d like to change it tomorrow. We have not gotten that approved, but we’re not letting up on it, either. Because we’ve got a good relationship with the commissioner and his people and we’re going to be on them daily to do something.”
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