According to league sources, Chris Paul and the New Orleans Hornets will be the first team in NBA history to be owned by the league. David Stern and the NBA are seeking to take over the team and make a formal announcement next week. David Stern has voiced his commitment to keep a team in one of NBA’s smallest markets post Hurricane Katrina.

The move will of course put CP3’s future with the team in further question.

More on this story here.