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.
|Day Two Wrap: 2015 FIBA Americas Championship|
Watch the highlights from day two of the 2015 FIBA Americas Championship.
|GameTime: Hawks to Retire Mutombo's Jersey|
The Atlanta Hawks will retire Dikembe Mutombo's jersey on November 24, 2015 against the Celtics.
|GameTime: Shaq and Kobe|
The crew discuss Shaq and Kobe's conversation on Shaq's podcast and talk about the state of the Lakers.
|Top 60 Crossovers of the 2015 Season|
Check out the top 60 ankle-breaking crossover moves from the 2015 season.
|NBA Fun: 2015 Season |
Come watch the best in-game entertainment from all NBA Teams from this year's 2014-2015 season.