The New Orleans Saints announced that owner Tom Benson has purchased the NBA's New Orleans Hornets.

Benson, who initially bid on the team in January before walking away, will be the teams's sole owner, acccording to the Times-Picayune.

The purchase price was $338 million, NBA.com announced.

As late as Friday morning, the Board of Governors was meeting at the St. Regis Hotel, apparently still mulling offers from Benson and a group headed by California swimwear manufacturer Raj Bhathal, which includes Benson's youngest brother Larry Benson and former minority owner Gary Chouest, according to the Times-Picayune. But the decision was reportedly announced in Tom Benson's favor.

The Hornets were most recently owned by the NBA, which had been in the process of finding private ownership committed to keeping the franchise in New Orleans.

NFL rules prohibit owners from having other sports franchises in NFL markets other than their own.