The Saints say the NFL team's owner Tom Benson has bought the New Orleans Hornets from the NBA.
The team said on Twitter Friday they are "thrilled" to confirm "Tom Benson as the new owner of the New Orleans (at)Hornets!"
A person familiar with the deal says the purchase price is $338 million. The person spoke to The Associated Press on condition of anonymity because the financial terms have not been announced.
The NBA has been trying to sell the Hornets since buying the club from founder George Shinn in December 2010. While preparing the team for sale the league negotiated a new lease for the Hornets to remain in the state-owned New Orleans Arena through 2024.
AP Sports Writer Brett Martel in New Orleans contributed to this report.