Tom Benson buying the Hornets

RS12

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Andrew Brandt ‏ @adbrandt Reply Retweet Favorite · Open
Hmm. RT @daldridgetnt Hornets to be sold for $338M to Saints owner Tom Benson.

1) I thought this was a no-no.

2) If this guy is throwing around this kind of money on a bad NBA franchise tells me NFL owners are rolling in money and the Hornets are way under valued.
 
RS12

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From the NFL: "NFL cross-ownership policy permits the controlling owner to own a team in the NBA, MLB, or NHL in same market."
 
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Posted by Josh Alper on April 13, 2012, 12:15 PM EDT

Per Aldridge, the price of the team will be $338 million and Benson will have to pay 10 percent of the purchase price immediately. Benson’s purchase was made possible by a change in NFL rules many years ago that allowed NFL team owners to also own teams from other sports in the same market.

The state of Louisiana and the Hornets reached agreement on a deal to extend the team’s lease through 2024 in exchange for state money to improve their arena. One of the contingencies of that deal is that the new owner must pledge to keep the team in New Orleans.

Read more: http://profootballtalk.nbcsports.com/2012/04/13/tom-benson-is-buying-the-new-orleans-hornets/
 
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