The league-owned New Orleans Hornets have been bought by New Orleans Saints owner Tom Benson. 

The NBA sold the Hornets to Benson, after owning the team for over a year since purchasing it from founder George Shinn.  According to the Associated Press, the purchase price was $338 million.

"We expect this club to be one of the most outstanding clubs in the league, otherwise I don't want to get involved," Benson said following the purchase announcement.

Benson has turned the New Orleans Saints into an NFL-powerhouse in recent years and hopes to do the same with the Hornets. 

"The city is one of the country's treasures and we really have found the perfect owner," NBA commissioner David Stern said.

The 84-year old Benson has a lot of experience in the small-market of New Orleans.  He is a New Orleans native and has owned the Saints since 1985.