New Orleans Saints owner Tom Benson has bought the New Orleans Hornets.

Benson, who took over the Saints in 1985, will have a 100% stake in the team. The NBA Board of Governors has approved the sale for a reported $338 million.

Benson is in New York for Friday's big announcement and told reporters at a press conference that he's also close to signing Saints Quarterback Drew Brees to a new long-term contract.

Benson did put in a bid for the Hornets three months ago, walked away, then came back into the bidding picture this week.

The NBA has been looking for an owner for the Hornets since purchasing the team itself from George Shinn in December 2010.