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.
|Magic vs. Grizzlies|
Zach Randolph puts up 24 points and 10 rebounds as the Grizzlies beat the Magic 94-103.
|Davis Drops 32|
Check out the highlights from Anthony Davis (32 points and 10 rebounds) who helps lift the Pelicans over the Sixers 99-74.
|Burke from the Corner|
Off the Celtics turnover the Jazz kick it out to Trey Burke who drills the corner triple.
|Ingles finds Kanter|
Joe Ingles picks off the steal and drops the fancy pass to a trailing Enes Kanter for the slam.
|Hayward Rejects Bradley|
Gordon Hayward gets back and rejects Avery Bradley at the rack.