(NEW ORLEANS) -- The NBA's Board of Governors has approved the formal sale of the New Orleans Hornets on Wednesday to New Orleans Saints owner Tom Benson.
The formal sale is expected to close later this week. Benson's first duty will be signing the expected No.1 pick Anthony Davis in this year's draft.
In April, Benson agreed to purchase the Hornets from the league and officials confirmed a sale price of about $338 million.
In what looks to be a bright future for the club, free agent guard Eric Gordon has said he plans on testing the market come July. Once Davis is locked up, the team can shift their attention at bringing back Gordon.
New Orleans finished 21-45 making them last in the Western Conference in 2012.
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