While it was overshadowed by the laughably disastrous Board of Governors meeting involving the Maloof family's pitch to nix the arena deal they described as 'fair' just over a month ago, the sale of the New Orleans Hornets to New Orleans Saints owner Tom Benson is potentially just as big of news for the NBA. After all this time, the NBA sold the team to Benson at cost ' they purchased the team from previous owner George Shinn in December 2010 for approximately $310 million, spent another $20 million in the ensuing year and a half and sold to Benson for $330 million today ' so the other 29 owners did not lose any money on the deal. The period of time during which the NBA owned and operated the Hornets will likely mostly be remembered for the 'basketball reasons' controversy surrounding the vetoed Chris Paul to the Lakers trade, but it's time to move on. The world has moved on, the league has moved on and now the team has moved on as well. Though this season has been extremely trying for the Hornets organization and their fans, views of the future bring reason for optimism.
Let's begin with Benson. For starters, it's obvious that he plans to keep the team in New Orleans long-term. NFL rules prohibit their team owners from owning a non-NFL team in another NFL city or territory than the one their NFL team is located in, so if Benson were to move the Hornets out of New Orleans to, say, Kansas City or Anaheim, he would be forced to either sell or transfer ownership of the Saints to someone else. Benson has owned the Saints since 1985 and they make him a boatload of money every year, so this is something that is highly unlikely to happen. Benson, also owner of several auto dealerships in the New Orleans area and former owner of Benson Financial, which he sold to Wells Fargo in 1996, has extremely deep pockets. Forbes estimated Benson's net worth at $1.1 billion as of March 2012, making him the 390th richest man in America.
There is no guarantee that he'll be an eager luxury-tax spender in what is still one of the smallest markets in the league, but at the very least he should be less frugal than the previous ownership regime. This is not a man who will be hurting for money (Any time you can spare $8 million without blinking, as Benson did when he donated that amount to Loyola University New Orleans in 2010, it's safe to say you're not cash-strapped). Between the incoming cash flow from owning the Saints and his auto dealerships, Benson should even have enough money to sustain losses for a few years while the Hornets regain the trust and loyalty of their fan base.
While the team this season has been one of the worst in the league, next year's team is pretty much guaranteed to look drastically different. Shooting guard Eric Gordon, the big prize New Orleans received from the Clippers in the Chris Paul trade who has missed most of this season with an injury, is a restricted free agent this summer, but the Hornets are expected to bring him back into the fold. The expiration of the contracts of Chris Kaman and Carl Landry should leave the team about $19 million under the salary cap after factoring in Gordon's cap hold (though that number will probably go down to somewhere around $10-13 million depending how large a deal Gordon signs), which leaves ample space to sign a free agent or two.
Additionally, the Hornets should have two high lottery picks in a draft that, although it doesn't look to be quite as good as some predicted in the preseason, is still one of the best and deepest in years. The Hornets will have their own draft pick, which should be a guarantee to land in the top 5 (with the league's 2nd-worst record, the Hornets could drop no lower than 5th in the lottery), as well as that of the Minnesota Timberwolves. Halfway through the season, that Wolves pick didn't look like it would turn in great value as the Kevin Love and Ricky Rubi0-led squad was competing for a playoff spot. But Rubio's season-ending ACL tear started the team on a downward spiral and Love's recent concussion could possibly sideline him for the rest of the year as well. The Wolves' pick would be 10th in the lottery right now, but without Rubio and Love for the rest of the season, it could wind up being even higher.
A full season ' and hopefully a few more ' of Gordon, two probable top-10 picks in a loaded draft, ample cap space and a brand new, deep-pocketed owner? Things are already looking up. And that's even before we get to Monty Williams, considered by many to be one of the best young coaches in the NBA. Williams has somehow coaxed 16 wins so far out of a team that was missing Gordon for nearly the entirety of the season (he's appeared in just 5 games), Landry, Jason Smith and Emeka Okafor for about half the season (33, 33 and 27 games, respectively), and Kaman, Jarrett Jack and Trevor Ariza for a few weeks each (45, 45, 41 games played, in that order). Williams, who played for the Knicks, Spurs, Nuggets, Magic and 76ers in his 10-year NBA career, began his coaching career as an assistant to Nate McMillan in Portland and also considers himself a disciple of Spurs coach Gregg Popovich, who many consider the best in the league. In an interview with Sports Illustrated's Zach Lowe, Williams stated that he has taken plays out of both McMillan and Popovich's playbooks and added them to his own. He's also come up with a few innovative sets of his own, some that no one else in the league runs.
So, here we have a new owner with deep pockets, one of the best young coaches in the NBA, the return of Gordon, two high-lottery draft picks and a fairly significant amount of cap space to work with this summer (and after Gordon is signed, he'll be the only player on the team under contract past 2014). Those are all the ingredients thought to be necessary for a successful rebuilding project, but the Hornets have one more thing going for them: the city of New Orleans. Though it's not exactly a giant media market (according to a US Census Bureau survey in 2007, it is the 35th largest market in the United States and 23rd largest in the NBA), there's no denying the New Orleans is one of the most attractive 'destination' cities in the NBA. Considering the vibrant nightlife, excellent and exotic cuisine and laid back lifestyle prevalent throughout the city, it should be a hot location for free agents, but things haven't exactly worked out that way in the decade the team has been in New Orleans. Though it likely won't happen overnight ' I don't imagine Deron Williams or Dwight Howard will be clamoring to play for the Hornets in the next two summers ' it's possible that a culture change combined with the deep pockets of the new owner, a rising star of a young coach and an improving roster could lead to the team landing some higher tier free agents a few years down the line.
Even if they never get to that point of being a big free agent destination (and it's more than likely that they won't ever be an option for the biggest of the big fish), things are still looking much brighter for the future of the Hornets than their record this season indicates. A new era of Hornets basketball is on the horizon, and the sale of the team to Tom Benson is just the beginning.