RealGM

So since the NBA has taken control of the Hornets, I was just wondering how the luxury tax considerations work here. Does the league pay itself for the amount owed as luxury tax? Also does the GM get directives to keep the team under/over the tax by the league?

Also how does the profit distribution (if any) work here? Does all the money get invested back into the team or does the league pocket in a tidy amount?