If the league didn't own the Hornets the trade would've went through. It didn't go through because from the rest of the league's perspective Stern/NBA had its own motives for sending Paul to LA. It was the setup for another LA dynasty assuming they were going to go after Howard next. Mia vs La, Kobe vs Bron, Kobe chasing Jordan, etc easy to devise a conspiracy theory.
I for one am ecstatic its like the Lakers never have to really rebuild.