Benson wins a court round in future of sports franchises
NEW ORLEANS - Saints and Pelicans owner Tom Benson has won a round in federal court in his fight to leave ownership of his NFL and NBA team to his wife, rather than his estranged daughter and grandchildren.
A federal judge in New Orleans ruled Monday that Benson has authority to substitute assets in trusts established for the estranged relatives. That means he can substitute stock in the teams with promissory notes and other assets.
The multi-faceted legal battle, playing out in courts in Louisiana and Texas, isn't over. Aside from likely appeals, the actual value of the assets being substituted will have to be determined.
U.S. District Judge Jane Triche Milazzo ruled that the fact that the values have yet to be determined does not change Benson's power to make substitutions.