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Steve Geller

"WWL First News" Sports Anchor
Weekdays 5am-10am

"Sports Talk" Producer
Weekdays 4pm-8pm

Twitter: @stevegellerWWL
Email: steve@wwl.com

Benson owning the Hornets is a good thing

We got some phenomenal news for Hornets basketball and the city of New Orleans on this Friday the 13th.  Saints owner Tom Benson is buying the NBA owned team.

NBA.com's David Aldridge is saying the sale price is $338 million.

The Hornets have been in ownership limbo ever since the NBA bought the franchise from George Shinn last December. The league took over the team for $310 million, and it was very unclear if the NBA would be able to recoup that cost in a sale.

After three straight years of operating losses, Forbes magazine valued the Hornets franchise at $285 million in January, only the 24th-highest value in basketball.

The magazine says Tom Benson has an estimated $1.1 billion in net worth.  It mostly comes from his ownership of the Saints.  He also controls various real estate, media properties, as well as a number of auto dealerships.

Now the NFL does have cross-ownership rules about team owners dabbling in other sports, but they won't stop this deal.  To prevent inter-sport conflicts of interest, Benson would be prohibited from buying an NBA franchise in any market with a professional football team other than his own.  Since both the Saints and Hornets are in New Orleans, however, it is fine.

Now that Benson's wallet is open buying another sports franchise; could locking up the Saints franchise QB be next?

Tags :  
Topics : Business_FinanceSports
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Locations : New Orleans
People : David AldridgeGeorge ShinnTom Benson

04/13/2012 12:18PM
Benson owning the Hornets is a good thing
Please Enter Your Comments Below
04/13/2012 12:52PM
New Orleans Voodoo
This is a no-brainer. Benson should buy the rights to the Voodoo name and sell the Pelicans (which he owns) to the AFL. That way we'll have the NFL Saints, NBA Voodoo, and AFL Pelicans.
04/13/2012 3:20PM
New Orleans Pelicans
New Orleans Pelicans New Orleans Magnolias
04/13/2012 3:44PM
Mr. Benson doesn't own the Voodoo anymore. His best choices are buying back the Jazz name (which will cost a pretty penny) or renaming the team the Pelicans, which he DOES own. The Pelicans would be better. Change colors to Purple Green and Gold, get rid of that ridiculous "Creole Blue" that Mr. Shinn brought in to counter that aweful teal...
04/13/2012 11:45PM
Renaming Hornets
New Orleans Cresents (Cresent City) Thanks, Warren in Slidell
04/15/2012 9:46AM
04/15/2012 10:16AM
Welcome your new New Orleans Voodoo!!!
Hands down, best name with a logo of an angel with horns holding a black fleur di lis harp.
04/15/2012 10:10PM
My suggestion for renaming the Hornets...
New name should be the New Orleans Gris Gris. So we can put da Gris Gris on the other teams. Logo could be some type of snake and fans could wave a Gris Gris bag instead of a pom-pom. Colors---black, green, silver
04/15/2012 10:16PM
New Orleans Gris Gris submitted by Brandi Collins
Goes perfectly with the other New Orleans themed team names.
04/18/2012 9:01AM
Greedy Millionaires
Shame on you Mr. Benson! These basketball fans stood by their team and showed support by purchasing tickets, jerseys, shirts, hats, posters, etc., etc. Now they're going to be forced to spend more money for the teams new name? It's all about the all mighty dollar....
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