(NEW YORK) — The New Orleans have fallen on hard times lately, but there is hope on the horizon. New Orleans Saints owner Tom Benson is purchasing the team for $338 million.
The NBA has been trying to sell the team since the league bought the team from founder George Shinn in December 2010. The team does have lease for the Hornets to remain in New Orleans Arena through 2024. The new lease agreement also calls for $50 million in improvements for the team’s arena.
The 84-year old Benson is a New Orleans native and has been owner of the Saints since 1985. During his run as owner of the Saints, the team won the Super Bowl back in 2010. The Hornets were originally located in Charlotte, but moved to New Orleans in 2002.
“We expect this club to be one of the most outstanding clubs in the league, otherwise, I don’t want to get involved,” Benson said. “This is just a good thing and I’m just glad to be a part of it.”
Benson and the Hornets have a lot of work to do before they become a force in the NBA. Going into Friday night, the team is just 16-42.
Copyright 2012 ABC News Radio
Jill Martin, CNN
Eliott C. McLaughlin, CNN Newswire