NBA commissioner David Stern confirmed on Monday that the league is moving forward with its plan to buy the Hornets from majority owner George Shinn and minority owner Gary Chouest.

Shinn has been trying to sell the team to Chouest for months, but talks have stalled.

"George Shinn has been an exceptional owner for New Orleans and Gary Chouest has been extraordinarily supportive as a minority owner," Stern said. "However, in light of the uncertain economic situation in New Orleans and Louisiana, Gary has decided not to move forward with the purchase of George's majority interest.

"In the absence of any viable purchaser seeking to own the Hornets in New Orleans, I recommended to the NBA Board of Governors that the best way to assure stability and the adequate funding of the franchise would be for the league to step in, and complete the transaction and assume control."

The Hornets will be the first NBA team owned by the league.

Stern did not say what the NBA is paying for the club but did say the franchise "has been valued in excess of $300 million."