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NEW ORLEANS --Tom Benson is officially the owner of the New Orleans Hornets.

The deal is official after the purchase of the Hornets by Benson was approved by the National Basketball Association's Board of Governors.

'Per league policy, the terms of the transaction were not released,' said a statement from team spokesman Harold Kaufman.

Benson, who now owns both of New Orleans' major league franchises expressed his delight in officially becoming the Hornets new owner, especially with the first pick in the NBA Draft. The team is expected to pick University of Kentucky standout Anthony Davis in the draft.

'I'm thrilled to have become the owner of the Hornets,' Benson said in a statement. 'There is a lot of excitement in the region about the franchise, especially after winning the #1 pick in the upcoming NBA draft. We have been successful with the Saints and I know we can translate that success to our NBA team as well. '

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