Sonics let out of lease

[dez]

Supersonics, Seattle reach last minute settlement

SEATTLE (AP)—The SuperSonics will move to Oklahoma City for the 2008-09 season as part of a settlement with the city of Seattle, ending a contentious relationship that resulted in a trial in which the judge was due to issue her ruling Wednesday.

The settlement calls for Sonics owner Clay Bennett and the Professional Basketball Club LLC to pay up to $75 million to the city in exchange for the immediate termination of the KeyArena lease between the NBA team and the city.

The team's name and colors will be staying in Seattle.

"We made it," Bennett said after stepping to an Oklahoma City podium featuring the NBA logo and the letters OKC. "The NBA will be in Oklahoma City next season."

Bennett said the move would start Thursday and the first focus would be on the SuperSonics' players.

Bennett announced that the settlement calls for a payment of $45 million immediately, and would include another $30 million paid to Seattle in 2013 if the state Legislature in Washington authorizes at least $75 million in public funding to renovate KeyArena by the end of 2009 and Seattle doesn't obtain an NBA franchise of its own within the next five years.

"We understand that city, county, and state officials are currently discussing a plan to substantially rebuild KeyArena for the sum of $300 million," NBA commissioner David Stern said in a statement. "If this funding were authorized, we believe KeyArena could properly be renovated into a facility that meets NBA standards relating to revenue generation, fan amenities, team facilities, and the like."

Bennett said he and Seattle Mayor Greg Nickels signed a binding agreement Wednesday, which would be formalized later, that keeps the SuperSonics' name, logo and colors available if Seattle gets a replacement franchise.

"We have 30 million reasons why we have support for a future NBA team," Seattle city attorney Tom Carr said.

In April, the NBA Board of Governors approved Bennett's application to move the team to Oklahoma City, pending the outcome of the trial between the team and the city. The settlement came six days after the trial concluded.

It doesn't cover a pending lawsuit filed by Starbucks Corp. chairman Howard Schultz, who is seeking to regain control of the team he sold to Bennett in 2006 for $350 million. Schultz claims that Bennett didn't follow through on an agreement to negotiate in good faith for a new arena in Seattle for one full year before seeking relocation options.

The trial was centered on the lease agreement between the city and the team that called for the Sonics to play at KeyArena through the 2009-10 season.

Sonics lead attorney Brad Keller contended that Bennett should simply be able to write a check to satisfy the final two years of the lease. Keller argued that the "specific performance" clause the city rested its case on should not apply in a garden-variety dispute between tenant and landlord.

Bennett and his ownership group previously offered to pay the city $26.5 million in February to buy out the final two years of the lease. They were rebuffed.

AP Sports Writer Jeff Latzke in Oklahoma City contributed to this report.

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I feel bad for the fans, but at the same time. This is what happens when you give up on your team....

 

[RipCity32]

Can't wait to see what their new name and colors are going to be!

Anyone else feel brown?

 

[MapleLeaf]

This is terrible news and everyone should be sad.

Seattle >>>>>> Oklahoma City

 

[RipCity32]

I'm not sad, nor do I see why it's really terrible..

 

[MapleLeaf]

Seattle is a great city.....and they lose them to Oklahoma City?

WTF is in Oklahoma City? Middle of nowhere.

Not to mention the owner is selfish and just took them over to move them to OKC.

Selfish

 

[RipCity32]

Didn't Oklahoma house the Hornets when Katrina hit? <_<

Last time I checked they did a great job of supporting them there. They will do a great job with the Sonics, in supporting them.

Young team and now a fresh start.

 

[.GR]

Yeah, Seattle needs a basketball team. Hopefully they get one back...

 

[MapleLeaf]

So basically those 40 years in Seattle meant nothing?

 

[RipCity32]

Did I say that?
They just needed to relocate and OKC deserves a team...

Sonics will probably get an expansion team in the future.

 

[VC15]

This is terrible news and everyone should be sad.

If Seattle deserved a professional basketball team, they would've been more supportive even in the bad times.

 

[MapleLeaf]

I'm just sad to see all you guys happy to see this team moving and basically saying <Censored> our history and we're starting over with a new city, new jerseys, new nickname.

 

[Mexi]

Seattle is a great city.....and they lose them to Oklahoma City?

WTF is in Oklahoma City? Middle of nowhere.

Not to mention the owner is selfish and just took them over to move them to OKC.

Selfish

I agree with you. This is terrible news for the people of Washington, Seattle inparticular.
at the same time, they should have been put there supporting there team.

oh well. I just hope that everything works out.
I'll continue on rooting for Durant

 

[jarrod2323]

I'm glad they were let out of the lease --- once again Maple is pleading his case for the city and it's history.
well, if they wanted the team so DAMN bad, then anty up and build a new stadium so the team can MAKE money. they built one for the Seahawks and Mariners, and last time I checked, the Sonics are the only Seattle men's team to actually win a championship.

the city and state dropped the ball and deserve NOT to have a team until they can devote the time, emotion, and money to a franchise it deserves

 

[bestkeptsecret13]

I'm glad they were let out of the lease --- once again Maple is pleading his case for the city and it's history.
well, if they wanted the team so DAMN bad, then anty up and build a new stadium so the team can MAKE money. they built one for the Seahawks and Mariners, and last time I checked, the Sonics are the only Seattle men's team to actually win a championship.

the city and state dropped the ball and deserve NOT to have a team until they can devote the time, emotion, and money to a franchise it deserves

Took the words right out of my mouth... I don't see how you can feel sorry for the fans, when it's the fans fault the team is leaving. Sure I'd like to see them stay in Seattle. I thought it was cool when both Oden and Durant went to the Northwest, but oh well...

 

[Dice-J]

Did I say that?
They just needed to relocate and OKC deserves a team...

Sonics will probably get an expansion team in the future.

OKC has a team. Their called New Orleans/Oklahoma City Hornets. Or is it just New Orleans Hornets right now? I coulda sworn that it is New Orleans/Oklahoma City

 

[bestkeptsecret13]

OKC has a team. Their called New Orleans/Oklahoma City Hornets. Or is it just New Orleans Hornets right now? I coulda sworn that it is New Orleans/Oklahoma City

LOL - That's what they were called when they played in OKC. They've moved back to New Orleans since then though.

 

[Dice-J]

Well i didn't know

 

[Pugz]

Can't wait to see what their new name and colors are going to be!

Anyone else feel brown?

Ehh I don't like brown AT ALL.


Seattle will get another team too, it will be in atleast 5 years though..Watch, just watch.

 

[Pugz]

Well i didn't know

WOW your even more stupid than I thought lol.