NBA Commissioner David Stern announced Friday that Tom Benson, owner of the NFL's New Orleans Saints, had bought that city's basketball team.

The New Orleans Hornets had been owned by the league since December, 2010, and Benson purchased the club for a reported $338 million.

"I know that Tom is a firm believer in investing in New Orleans," Stern said. "He has made huge commitments. Our goal all along has been to get the Hornets bought by someone who's commitment to New Orleans would be unrivaled and who adds so much additional value as the owner of the Saints does."