Originally posted on Pro Sports Daily  |  Last updated 6/15/12

Tom Benson's purchase of the New Orleans Hornets was approved by the NBA's Board of Governors, the team announced Friday.

Terms of the deal were not disclosed.

Benson is also the owner of the New Orleans Saints.

The Hornets' lease extension with the state of Louisiana was approved by Gov. Bobby Jindal and the state's legislature. The deal will keep the Hornets in New Orleans for the long term and provide money to make improvements to the New Orleans Arena.

"I'm thrilled to have become the owner of the Hornets," Benson said. "There is a lot of excitement in the region about the franchise, especially after winning the number 1 pick in the upcoming NBA draft. We have been successful with the Saints and I know we can translate that success to our NBA team as well. We have the best, most dedicated fans in the world and will need them along the way as we work as an organization to make them proud."

In addition to the No. 1 pick in this month's draft, the Hornets also own the No. 10 pick. New Orleans will be the site of the 2014 NBA All-Star Game.

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