Tom Benson Reportedly Set to Become Owner of New Orleans Hornets

The New Orleans Hornets may finally have found a buyer in Tom Benson, current owner of the New Orleans Saints and automobile dealership mogul.

Update: 11:45 p.m. ET

David Aldridge of NBA.com is reporting the Hornets will be sold to Benson for a reported $338 million. We will keep you filled in as the story continues to break.

According to Doug Mouton of WWL-TV, a CBS affiliate, multiple sources have confirmed that Benson is in New York—the location of the NBA league office—to strike a deal with the Hornets. 

The staff of WDSU.com, an NBC-affiliated station in the New Orleans area, is reporting that Benson is staying at the St. Regis Hotel in Midtown, Manhattan. That just happens to be the exact location where the NBA’s Board of Governors is meeting to discuss the future of the Hornets.

The New Orleans’ franchise has been under league control since December of 2010. Since George Shinn and Gary Chouest were given a reported $300 million by the league to relinquish their ownership stake, it has been a disaster to say the least. 

The league suffered a major public relations hit back in December when NBA commissioner David Stern overrode New Orleans GM Del Demps' decision to trade Chris Paul to the Lakers before allowing a deal with the Clippers to go through.

According to Jimmy Smith of The Times-Picayune, Benson is one of two serious bidders for the franchise, the other being a group led by California-based swimwear manufacturer Raj Bhathal and former minority owner Gary Chouest.

It’s widely believed that one of these two parties, likely Benson's, is going to be approved to take control of the Hornets after the Board of Governors meeting concludes this afternoon.

Keep it tuned to Bleacher Report throughout the day for the latest breaking news, updates, opinion and analysis on Tom Benson’s bid to become the newest owner of the New Orleans Hornets.