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.
|All Dunks of the Day, 03/21/2019|
|Top 10 | Mar. 21|
Check out the top ten plays from this Thursday in the NBA.
|GAME RECAP: Kings 116, Mavericks 100|
Buddy Hield scores 29 points as the Kings get the win over the Mavericks, 116-100.
|GAME RECAP: Warriors 112, Pacers 89|
DeMarcus Cousins scores 19 points as the Warriors get the win over the Pacers, 112-89.
|The Fast Break | Best from Mar. 21|
See how Thursday's NBA action unfolded on this edition of The Fast Break.