From the ArcaMax Publishing, Sports Update Newsletter:
http://www.arcamax.com/news/sports/s-372457-398532
SEATTLE (UPI) -- Seattle SuperSonics owner Clay Bennett agreed
Wednesday to pay the city of Seattle $45 million so he can immediately
move the team to Oklahoma.
Although his NBA team still had two years to go on its lease of
KeyArena, Bennett had previously announced plans to take the Sonics to
Oklahoma City. Seattle sued in hopes of keeping the team through the
life of the lease.
The settlement was announced shortly before a U.S. District Court
judge was to have ruled on the case.
"We believe this is a fair and appropriate resolution to the
litigation," 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."
Bennett could wind up paying an additional $30 million in 2013. He
will avoid that if the Washington Legislature agrees to public funding
for the overhaul of KeyArena or if Seattle receives a new franchise.
As part of the settlement, the Oklahoma City team will have a new
nickname and logo.