Hornets will likely see name change under Benson’s ownership

The NBA-owned New Orleans Hornets have been sold to New Orleans Saints owner Tom Benson for a price sources say is $338 million, The Times-Picayune reports. Benson—who is the sole owner with no partners—says one of his first priorities will be changing the team’s nickname to something that has more of a New Orleans flavor. He initially bid to purchase the team in January but was put off by the league’s asking price. Benson says he was worried that other absentee ownership groups might attempt to move the team out of the city, despite a new lease agreement that will bind the Hornets to New Orleans Arena through the 2024 season. “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,’ ” says Benson, adding he will assume $125 million of the team’s current debt and this morning wired a deposit to the league to consummate the transaction. Benson and the NBA agreed in principle to the deal at about midnight Thursday night, and he signed the official paperwork shortly before 11 a.m. today in his hotel room. Benson also spoke with Saints quarterback Drew Brees, currently in negotiation with the Saints for a long-term contract, and says Brees also endorsed Benson’s Hornets’ ownership. “He’s very happy about it,” Benson says. “He and I told each other that he’s going to get in here and we’re going to work his deal out and we’re going to get it behind us.” Read the full story here.