NBA Completes Purchase of Hornets, First League-Owned Franchise
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The National Basketball Association completed its acquisition of the New Orleans Hornets, whose owner George Shinn was forced to sell the franchise due to financial troubles.
The NBA’s Board of Governors today approved an agreement between Shinn and the league that allows the NBA to run the team until a new owner can be found, the league said in an e-mailed statement. The transaction makes the Hornets the NBA’s first league-owned team.