NBA announces purchase of Hornets

Sports Network

, Last Updated: 6:13 PM ET

New York - The National Basketball Association announced its purchase of the New Orleans Hornets on Monday after being approved by the league's board of governors.

Jac Sperling will now serve as the team's chairman and representative on the aforementioned board of governors, while president Hugh Weber will continue running the day-to-day activities of the team.

The purchase was made necessary after owner Gary Chouest decided against acquiring the stake in the club held by majority owner George Shinn earlier this month. Shinn is unable to continue financing the team, so the league has taken over until a new owner emerges.

The Hornets came into Monday's action 16-11, which put them in third place in the Southwest Division.


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