NBA

Sonics Pay Seattle $75 Million, Leave for OKC

Posted Jul 02, 2008 7:28PM By Tom Ziller (RSS feed)

Filed Under: SuperSonics, Seattle

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The Seattle Times reports U.S. District Court Judge Marsha Pechman has announced there will be no decision in the Sonics-Seattle lawsuit because a settlement has been reached. The Times quotes sources saying the settlement includes a $75 million buy-out from Clay Bennett, but apparently no NBA promises of a new team in Seattle. And oh yeah, the Sonics are gone.

Greg Johns of the Seattle Post-Intelligencer cites a source who says Starbucks CEO Howard Schultz, the former local owner of the Sonics, is not withdrawing his recent suit against Bennett as a part of the settlement. Schultz is suing to force either to rescinding of the 2006 sale of the team or a sale to a local group, based on the argument Bennett violated a specific clause in the purchase agreement which required the new owners to make good faith efforts to get an arena deal done in Seattle.

No words on whether Seattle plans to use the pay-out on KeyArena renovations or a new building or none of the above. Just before Pechman's decision had been expected, fans at SonicsCentral reported assistants with the mayor's office had asked callers whether an expansion or relocated team would be an acceptable resolution. We'll know more once both Bennett and Seattle Mayor Greg Nickels hold 8 p.m. Eastern press conferences.

Tags: ClayBennett, DavidStern

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