Posted Dec 20 2010 5:49PM
NEW ORLEANS (AP) -- The NBA has completed its purchase of the New Orleans Hornets.
The league announced Monday that its board of governors has given its anticipated approval of the purchase.
NBA Commissioner David Stern announced Dec. 6 that the NBA intended to buy the Hornets from majority owner George Shinn and minority owner Gary Chouest.
Shinn had been trying to sell the club to Chouest since last spring but negotiations had stalled.
Stern says the franchise is worth about $300 million and that the league will look to sell the club to a more permanent owner, preferably one that would continue to operate the team in New Orleans.
The Hornets were founded in Charlotte by Shinn in 1988 and moved to New Orleans in 2002.
|Shake and Bake|
Kyle Lowry fakes out Chris Paul and drops a deep two.
Kyle Lowry steals the ball on the defensive end and drops a scoop on the offensive end.
Amir Johnson picks the pass, dishes to Greivis Vasquez who finds Terrence Ross for the alley-oop.
DeAndre Jordan throws the no-look dime to Reggie Bullock.
|James 'Lefty' Johnson|
James Johnson makes a tough left-handed shot in the paint.