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.
|GameTime: Basketball without Borders|
As the time for Basketball without Borders comes around, watch as Rick Kamla takes a look towards the 2015 games in Africa.
|GameTime: WNBA Chat|
NBA TV's LaChina Robinson joins GameTime speak on everything revolving around in the WNBA.
|GameTime: Cleveland's Moves And Signings|
Rick Kamla and Steve Smith review all of the recent signings and moves by the Cleveland Cavaliers.
|Frank Kaminsky Highlights|
Watch the Summer League highlights from Charlotte Hornets big man Frank Kaminsky.
|Best Assists 2014-15 Season|
Check out the best assists from the 2014-15 NBA season.