Sonics reach settlement with Seattle; will move to Oklahoma City
Basketball Betting Lines
07/02/2008 -
Seattle, WA (Sportsbook Betting Lines) - The Seattle SuperSonics and the City of
Seattle reached a settlement in their tempestuous KeyArena lease dispute on
Wednesday, just hours before a U.S. District Court judge was to rule in the
case.
Under the settlement agreement, Professional Basketball Club (PBC) LLC, an
the Oklahoma City investment group led by Clay Bennett that purchased the
Sonics last year, agreed to pay the City of Seattle $45 million in order to
terminate the KeyArena lease. In turn, the agreement will allow the Sonics to
move to Oklahoma City immediately.
"We believe this is a fair and appropriate resolution to the litigation
involving the Sonics and the City of Seattle," Bennett said. "We are pleased
that the uncertainty is lifted for our players, staff and Oklahoma City fans
who can now make plans for the immediate future.
"We have a business to run and this settlement allows us to make the best
decision for the franchise and allow the City of Seattle to begin planning its
own NBA future."
An additional contingent payment of $30 million will be due in 2013 unless one
of the following occurs: the Washington legislature fails to authorize at
least $75 million of public funding for KeyArena renovations by the end of
2009 or Seattle obtains a new or relocated NBA franchise within that five year
period.
The agreement also includes language regarding a lawsuit filed against PBC by
the Sonics' former ownership group The Basketball Club of Seattle, headed by
Howard Schultz. Under terms of the settlement, if PBC is prevented from
playing home games in Oklahoma City in the 2008-09 or 2009-10 seasons as a
result of the Schultz suit, Seattle will repay PBC $22.5 million for each
season. In addition, if PBC is required to play in KeyArena in the 2008-09 and
2009-10 seasons as a result of the Schultz suit, PBC is released from its
obligation to make the $30 million contingent payment.
The settlement document also confirms that the Sonics name, logo, and colors
will remain available for a potential future NBA franchise in Seattle.
"I was always amenable, as part of a negotiation process, to reserving the
name for Seattle fans," Bennett said. "I feel it's appropriate and we wish
Sonics fans and the city good luck in their efforts to develop a modern NBA
arena and return pro basketball to Seattle in the future."
Details of the name and colors for Oklahoma City's new team are still being
developed and will be announced in the near future.
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