KING5.com is providing minute-by-minute reaction to the settlement in the lawsuit by the City of Seattle vs. the SuperSonics.

This ends our minute-by-minute coverage. Continue to log on to KING5.com and NWCN.com for the very latest on the Sonics move.

6:59 P.M. - Wrapping up our minute-by-minute coverage, just a reminder that Howard Schultz will not file a restraining order to prevent the move, but the lawsuit to rescind the sale will go on, meaning this is not over yet. Clay Bennett in his press conference admitted that if the lawsuit does go through, they would bring the team back to play in KeyArena.

6:51 p.m. - Another observation. On ESPN.com, I expected to see some big story coverage on the Sonics move. Instead, there's a little headline off to the right. The big focus right now is a story on St. Louis Cardinals Manager Tony LaRussa and a sidebar piece about the rumored return of Brett Favre. Is it a sign that the nation doesn't care that much, even with the NBA leaving after 41 years in Seattle?

6:38 p.m. - Very interesting from Bob Barry, Jr. of KFOR in Oklahoma City during a live interview with KING 5 News. Barry says he took Bennett and the PBC at their word that if nothing happened on an arena within a year, they'd move the team. Remember also that the arbitration to get out of the lease was filed about 11 months after the sale was completed, not a full year. Not that a month matters, but it just brings the point how perceptions can be different between the city that's losing the team and the city that's gaining it.

6:35 p.m. - "Our kids are going to grow up wondering why Seattle doesn't have a basketball team," said fan Mike Woolery.

6:33 p.m. - KING 5's Chris Daniels reports former Sonics owner Howard Schultz will not file a restraining order to keep the team here, which means Bennett can begin the moving process now. That doesn't neccessarily mean he is giving up his lawsuit.

6:30 p.m. - Steve Pyeatt of Save our Sonics said "We did win today. It may not be the blowout win we wanted. It's a shot at the buzzer. Maybe we're going to a seventh game, but we did win today."

6:25 p.m. - More postings from the blog.

Tomas B. writes: How does Seattle win in this deal? Bennett gets what he wanted, which was to buy out the last two years. Seattle gets an illusory future promise. There is no way the state legislature will pass any type of funding when the state is projecting budget shortfalls through 2011, and there is no way that they will raise taxes further, out of fear of retribution or fear of slowing an economic recovery. So the $30 million follow on payment is illusory and Bennett got the team for $45 million, which is a pretty good deal for Bennett. That's $22.5 in fixed costs per year, which could easily be made up in licensing agreements and ticket sales in the first two years. Bennett forgoes any losses and costs in the two years he would have stayed in Seattle. Seattle must have had a bad case in court. That's the only thing I can think of as to the reason why Seattle would agree to this. Maybe it's time for Nickels to go.

Patrick writes:

Nah Nah Nah Nah
Nah Nah Nah Nah

Hey Hey

GODBYE!!!!! (sic)

6:17 p.m. - A good point by a couple of people on our blogs. They say they'll miss Sonics play-by-play man Kevin Calabro. Remember that Calabro said a few months ago he would not follow the team to Oklahoma City.

6:10 p.m. - A man named Chris said in our blog: I met a wonderful woman when we both worked for the Sonics - I started there in 94/95 and she in 95/96. We celebrate our 9th wedding anniversary tomorrow, July 3. My career with the Sonics lasted 4 years and she was there for 10 years.

We now have 3 young children - all girls - and my wife took them to the Save Our Sonics rally at the courthouse.

Today I watched the press conference announcing the hollow settlement with my almost 5 year old. She put her head on my shoulder, asked if they are "solving this situation" and I said they are leaving but may stay (thinking of the Schultz lawsuit).

We got to see the last game in KeyArena with a group of former employees who are now fans - we like everyone who is a fan will hold a special place in our hearts about the Sonics we all choose to remember.

There is value beyond the pure economics and no one can convince me or my family of anything else.

A sad day for Seattle indeed.

5:57 p.m. - On the Sonics officials Web site, there is a link already to sign up for tickets. I don't know if this was already there before the ruling or not.

5:54 p.m. - A caller on Sports Radio KJR just called city leaders liars, saying that all we've heard up until now is that they would not negotiate a settlement.

5:50 p.m. - More from our blogs. Otaku said: Sorry, folks. More important things to deal with in the world than grown men paid too much to play a game.

Chad said: If the Mayor thinks the state should be pay for the upgrades to get another team... he's nuts!!! The City of Seattle needs to learn its not entitled to the state's general fund. We were hit with Safeco, we were hit with the Viaduct, and now they're trying to hit us (the rest of the state) with the Sonics arena. Give me a break. This state is out of control and it's time to clean house... city, county, and state!

5:35 p.m. - A reporter from Oklahoma City asks in reference to the lawsuit "This Starbucks guy deal seems like it's going to loom out there. Do you expect the Seattle media to keep pumping that out?" He also asks if there's a possible settlement. Bennett says he expects the lawsuit to happen soon. Bennett dodges the Seattle media question.

5:34 p.m.- Bennett says "So, in Oklahoma City they will have a new name, a new color and we're working very closely with the NBA on the development of this name and color scheme."

5:33 p.m. - Statement from Gov. Chris Gregoire: "Like all Sonics fans, I am very disappointed that the team is leaving Seattle. While it is a sad day for the city and region, I am pleased that the agreement keeps the Sonics history and brand in Seattle, and leaves open the possibility of an NBA team locating in the city. I am heartened by the news that the NBA is committed to helping the local ownership group led by Steve Ballmer bring a basketball team to Seattle, and that it believes the KeyArena is a viable stadium for that team. Now it's time for the state Legislature to get to work."

5:31 p.m. - Statement from the NBA: While the decision has been made to relocate the Sonics to Oklahoma City, the NBA continues to regard Seattle as a first-class NBA city that is capable of serving as home for another NBA team. In order for this to occur, a state-of-the-art NBA arena must be funded and constructed in the Seattle area, a subject that has been extensively debated -- but not ultimately acted upon -- by local political and business leaders over the past four years. We are pleased that the City remains committed to addressing this fundamental requirement for the return of NBA basketball to Seattle and we hope that other elected officials critical to a solution will support the City's efforts.

5:27 p.m. - Andy Jacobs, a fan from Bellingham told KING 5's Eric Wilkinson "It's just a sad day." Another fan named Bob from Wenatchee says it leaves a bad taste in his mouth.

"It seems like with money, they aren't held to any contract whether it's the players or… it seems there's collusion between the owners and (NBA Commissioner) David Stern and the fans and the taxpayers are taking it."

5:24 p.m. - When asked about how restaurants and bars around the Key will be able to cope without NBA business, Nickels says the city's goal is to fill the arena with other events.

5:22 p.m. - Nickels says the improvements to KeyArena won't be made until the city gets a commitment from the league for a new team.

5:21 p.m. - Bennett says "Of course the Schultz lawsuit is out there and we understand it, we believe it is baseless, it has no merit, we will fight it vigorously and aggressively. But if the Schultz lawsuit would bring the team back to Seattle, then we would have to play at Key Arena and we would receive refunds up to $45 million - half of it if we play there one year, the other half if we play there two years."

5:20 p.m. - Sonics owner Clay Bennett says the process of moving begins tomorrow morning.

5:17 p.m. - Seattle City Attorney Tom Carr confirms that the settlement is outside the scope of the Howard Schultz lawsuit to have the sale rescinded.

5:16 p.m. - "What we would like to ask the basketball fans to do is to join us in going to the legislature and having the legislature give us the tools in renovating KeyArena. We then have a committed local ownership. We have a facility that the NBA has approved and we have the 13th largest market in America," said Nickels. "But there is not a guarantee."

Nickels says he is confident Judge Pechman would have ruled in the city's failure, but that we'll never know now. He says all a win would have bought was two years and a bad relationship and probably no prospects for another NBA team.

5:11 p.m. - Nickels says there's no guarantee the NBA will return to Seattle. He says the league will notify the city if a team is up for sale or if there is a plan for expansion. Nickels adds that as far as he is aware, there are no current expansion plans.

5:10 p.m. - KING 5's Chris Daniels asks why do this today after six days of testimony. Nickels says they've been working on it for awhile and it only came together in the last few days.

5:08 p.m. - "Save our Sonics, the organization, was key to our efforts to keep the Sonics and our efforts to try and make sure there would be a long term future for basketball," said Nickels, adding "The fight has only begun."

5:07 p.m. - Conlin says the settlement gives the city a good chance to reach the long-term goal of returning NBA basketball to Seattle. He also commends the attorneys for their work in the case.

5:04 p.m. - Seattle City Council President Richard Conlin says "This is a sad day" for Sonics fans now that they have to acknowledge that the team will be leaving. "I feel very deeply for their sorrow."

5:01 p.m. - Nickels says the Sonics name and history will stay in Seattle. He also says it's now up to the state legislature to come up with funding to renovate KeyArena.

4:58 p.m. - Nickels has just announced the settlement. He says the goals were to protect taxpayers and ensure pro basketball in Seattle. He confirms the $75 million settlement, $45 million to be paid immediately. The other $30 will be paid in five years if the NBA doesn't bring another team to Seattle.

4:55 p.m. - Nickels and Bennett are set to speak at dueling press conferences in a couple of minutes. Right now on our blog, it appears most people posting comments aren't blaming Bennett as much as elected officials in our area.

Drew07 said: Clay Bennett did not become incredibly wealthy by making bad business decisions. By agreeing to this, he stopped losing money and can now focus on moving his team. He'll make back his money and much. much more. Who cares that it cost Bennett 75M? Seattle leads the nation at dreaming up new and imaginative ways to squander money. Hey, maybe they'll build a commuter train or something. Bennett made us look stupid.

Dan said: Nickels and Gregoire - we will remember it was under YOUR watch that you let the Sonics leave the state. There is a lot of blame to go around, but only you two can be voted out.

4:50 p.m. - We've heard polls here that Seattle residents don't care if the Sonics leave. Well, it appears not everyone in Oklahoma City is thrilled either. Check out this blog string on The Oklahoman Web site.

Colleen says: really who cares about the sonics? its all about a buck.

Stephen (in Yukon) replies: I care.... I want an NBA team here soo bad, I can taste it.

Gary in OKC says: Well, Stephen, I wish you could have had the honor of PAYING for your NBA team. Since you live in Yukon, you don't even have to pay the sales tax. Maybe when they add $50 on to ticket prices to pay the settlement cost you can enjoy it the way those of us footing the bill do.

Stephen replies: I plan on it Gary. There is no reason to be angry with ME that your county voted to pay. I plan on getting tickets, and if there is a surcharge to help pay what you, obviously, dont want to, I will pay it for you !

4:43 p.m. - KING 5's Chris Egan reporting from KeyArena says everything related to the Sonics inside the team shop is 40 to 50 percent off. As Chris put it "maybe not a good sign for Sonics fans."

4:39 p.m. - KING 5's Chris Daniels has confirmed Howard Schultz is NOT part of the settlement, meaning his lawsuit to sue for breach of contract to have the 2006 sale rescinded may still be on the table.

4:37 p.m. - Some more postings from our blogs:

Jake Bogaards said: This is a complete and utter gutless move on the sonics part. Four generations of sonics fans in my family. I'm brought to tears by this news. RIP Seattle Supersonics. It's been a great ride.

Adam said: Let's all get mad at the person who started this in the first place Howard Schultz!

Cale said: Our stupid city officials never wanted them to stay anyways. They played the game to play the game in front of the eyes of the media... And, then parlayed it into a sum of money. They folded like the sally, dimwitted, politicians we all know they are. Good god I hope that useless dipstick "5 pennies" doesn't get re-elected. Best of luck Schultz.

4:33 p.m. - KING 5's Chris Daniels says developer Matt Griffin is at City Hall for the 5 p.m. press conference. Remember that Griffin was part of the potential new ownership group, as well as the group involved with the so-called "poisoned well" plan to possibly force the PBC to sell. Chris also says he talked to Councilmember Tim Burgess who said the $75 million number is "not far off."

4:30 p.m. - The Oklahoman newspaper Web site already has a poll for fans asking what they should call the team. 21 percent say Sonics, 21 percent say Thunder, 13 percent say Thunderbirds, 12 percent say Twisters, 32 percent say Other.

4:27 p.m. - Here are a couple of postings on Blogger King from KING5.com visitors about the settlement.

Jack said: They should have settled a long time ago. This city is so poorly managed its ridiculous. They can't figure out what to do with the viaduct, they cry and moan about the sonics leaving and waste a bunch of time and money, they almost lost the mariners a few years ago and the seahawks almost made it outta here too..then there is the Tim Eyman fiasco..it just goes on and on. let 'em go to where people want them and where they will be properly managed. I wish the best to Clay Bennett and the Oklahoma City SoonerSonics!

JP said: WHY THE HELL DID THEY SETTLE!!!! God I hate Clay Bennett!!!

4:20 p.m. - We're hearing from The Seattle Times that the Sonics will pay $75 to buy out the last two years of the KeyArena lease and move to Oklahoma City now. The payment will be less if Seattle gets a new NBA team. In an interview with KING 5 News a few minutes ago, former Sonics James Donaldson says "To have a bad relationship between the city and the tenants of KeyArena, the Sonics, playing there for two more years… that would be a bad scenario."