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SEATTLE: The SuperSonics ownership and the city of Seattle reached a
settlement which will see the National Basketball Association (NBA)
franchise relocate to Oklahoma City, the league announced Wednesday.
The agreement came just hours before a judge was
to rule on a contentious arena lease dispute between the new owners
and civic officials in the US western seaboard city.
Under terms of the deal, owner Clay Bennett and
his backers will pay the city $45 million. Seattle gets to keep the
team name, logo and colors with the hope of attracting a relocated
or new franchise.
The city would also receive another payment of
$30 million if Seattle doesn’t get another NBA franchise within
five years.
“We believe this is a fair and appropriate
resolution to the litigation involving the Sonics and the City of
Seattle,” said Bennett.
“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.
-- AFP
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