NFL Saints owner, Tom Benson, has agreed to buy the NBA's New Orleans Hornets basketball franchise for $338 million.

Benson has provided foundation and stability for the NFL New Orleans Saints thirty years ago.  The NBA and city of New Orleans hope that he can do the same for the Hornets team.

"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. "This is just a good thing, and I'm just glad to be a part of it."

Under unique circumstances, the NBA took ownership of the Hornets in 2010 after buying it from founder George Shinn for $318 million.  The Hornets team originally played in Charlotte, North Carolina but then moved to New Orleans in 2002.  From 2005-2007, the team temporarily moved and played in Oklahoma City due to the catastrophe of Hurricane Katrina.  A lease was signed between the NBA and Louisiana for using the New Orleans Arena until 2024.

The Hornets team has been unstable without a true owner and its future was questionable until today.  Benson is still awaiting approval from the NBA's Board of Governance as well as a lease between the Gov. Bobby Jindal and the league.

"The city is one of the country's treasures and we really have found the perfect owner," said NBA Commissioner David Stern. "Our goal all along has been to get the Hornets bought by somebody whose commitment to New Orleans would be unrivaled."

Benson would bring new life to and his string of successes with the purchase of the Saints back in 1985 has resulted in nine playoff appearances and a 2009 Super Bowl.  Fans will be looking for positive growth under Benson's watch.

"The Hornets are so important to New Orleans," said Benson.. "If you would have been on the phone with the governor, I thought he was coming through to kiss me."

Benson along with fans in New Orleans plan to seek a new name for the franchise, likely one that reflects the city's culture and heritage. 

"We need to find a name like [Jazz]. Whether we can get that or let us use that, you've got to know we're working on it. We'd like to change it tomorrow. We have not gotten that approved, but we're not letting up on it, either. Because we've got a good relationship with the commissioner and his people and we're going to be on them daily to do something," said Benson.

A new name, a new owner, and a new start for the Hornets basketball franchise appears to be a win-win for everyone around the league.