The NBA Board of Governors on Wednesday approved the sale of the New Orleans Hornets to Tom Benson, the league announced.

The sale will be officially closed later this week. The Hornets are expected to make an official announcement concerning Benson’s take-over on Thursday.

Louisiana Gov. Bobby Jindal has signed off on the state’s capital outlay bill, which included nearly $60 million for improvements to New Orleans Arena, as well as on the extension of the Quality Jobs Tax Credit, both elements which were critical in the agreement the state had with the Hornets to extend the lease in the Arena through 2024.