Complex sentence: The name change became official on May 20,2014, along with the revelation that the franchise would reclaim the history and records of the original 1988-2002 Hornets, in effect becoming a continuation of the original franchise.
Split into simpler sentences: The name change became official on May 20,2014. On the same day, it was revealed that the franchise would reclaim the history and records of the original 1988-2002 Hornets, in effect becoming a continuation of the original franchise.