It seems unlikely that the sale of the team would go from mildly discussed to completed in a day's time but according to the Times-Pic, it's possible. The reason I'm posting this is because a couple bits of information from it.
"It appears the league might be ready to choose between an offer from a group headed by California swimwear manufacturer Raj Bhathal that will include former Hornets minority owner Gary Chouest, and a bid from New Orleans Saints owner Tom Benson."
"Sources close to the Bhathal group, which also included Larry Benson, Tom Benson’s youngest brother and represented in ongoing negotiations by former NBA player, coach and executive Mike Dunleavy, said Bhathal and Chouest met in New York on Monday with league officials, and possibly with Stern, while Benson reportedly also spoke with the NBA on Monday but was not in New York"
"Chouest, the source said, did not want to be a majority owner of the Hornets, but wanted to be involved on a basis similar to his previous minority ownership with founding owner George Shinn. "