The NBA Board of Governors has approved the sale of the New Orleans Hornets to Tom Benson, who owns the NFL's Saints.
The league announced the approval Wednesday on Twitter and said the deal is expected to close this week.
Under NFL rules, Benson is allowed to own both teams because they are in the same market.
When NBA commissioner David Stern announced the sale in April, he called Benson "a firm believer in investing in New Orleans" and said it was the league's goal all along to sell the team to such a person.
The NBA purchased the Hornets for a reported $318 million from George Shinn in December 2010. It was reported that Benson paid $338 million.
The Hornets won the NBA Draft Lottery last month to land the No. 1 pick, which is likely to be used on star Kentucky freshman Anthony Davis.
The Saints, of course, have dominated recent headlines in the city because of their bounty program.