New York, NY – Saints owner Tom Benson has bought the New Orleans Hornets from the NBA.
The NFL club's Twitter feed confirmed the purchase, which still must be approved by the NBA's Board of Governors.
The league bought the Hornets for a reported $318 million from George Shinn in December 2010. It is being reported by NBA.com that Benson has bought the NBA team for $338 million.
Benson, under NFL rules, is allowed to own both clubs because they are in the same market.
The 84-year-old Benson purchased the Saints from John Mecom in 1985. He helped guide the franchise its first Super Bowl title after the 2009 season.
But the Saints have come under scrutiny recently, dealing with multiple NFL penalties due a bounty program.
The Hornets moved to New Orleans from Charlotte in 2002, but the club spent two full seasons in Oklahoma City after Hurricane Katrina in 2005.