The NBA's Board of Governors has approved the sale of the Hornets to Tom Benson, writes Jimmy Smith of The Times-Picayune. The sale will become official later this week, according to Smith.
The move comes on the heels of Gov. Bobby Jindal's approval of a tax credit extension and of a bill that set aside $60MM for improvements to New Orleans Arena. Both measures were critical to the agreement between the team and the state to extend the Hornets' lease of the arena through 2024.
The league, which owns the Hornets, and Benson reached an agreement on the sale in April, with a reported $338MM price tag.