Video: Door closes on Seattle SuperSonics

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SEATTLE – The team known to Seattle fans as the SuperSonics will begin moving to Oklahoma City Thursday morning after reaching a settlement with the City of Seattle to get out of its lease at KeyArena.

But the team's name, colors and 41 years of history will stay here.

Word of the settlement came Wednesday afternoon as Judge Marsha Pechman was set to issue her ruling in the lawsuit.

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"We made it," Bennett said after stepping to an Oklahoma City podium featuring the NBA logo and the letters OKC. "The NBA will be in Oklahoma City next season."

Mayor Greg Nickels confirmed the $75 million settlement, with $45 million to be paid immediately. The other $30 million will be paid in five years if the NBA doesn't bring another team to Seattle.

Nickels says the other $30 million is contingent on a KeyArena renovation, which he says is up to state legislators to make happen.

"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."

Bennett said he and Nickels signed a binding agreement Wednesday, which would be formalized later, that keeps the SuperSonics' name, logo and colors available if Seattle gets a replacement franchise.

"We have 30 million reasons why we have support for a future NBA team," Seattle city attorney Tom Carr said.

The Sonics have been trying to get out of the final two years of their lease at KeyArena and move to Oklahoma City. The city sued after the team's owners filed for arbitration last summer.

During six days of testimony last month, both attorneys for the City of Seattle and the Sonics ownership marched out economists, city leaders, KeyArena officials and one Sonics fan to talk about the financial, cultural and emotional aspect of the team to Seattle.

In April, the NBA Board of Governors approved Bennett's application to move the team to Oklahoma City, pending the outcome of the trial between the team and the city. The settlement came six days after the trial concluded.

It doesn't cover a pending lawsuit filed by Starbucks Corp. chairman Howard Schultz, who is seeking to regain control of the team he sold to Bennett in 2006 for $350 million. Schultz claims that Bennett didn't follow through on an agreement to negotiate in good faith for a new arena in Seattle for one full year before seeking relocation options.

"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," Bennett said. "But if the Schultz lawsuit would bring the team back to Seattle, then we would have to play at KeyArena 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."

Bennett said he wants to make the transition to Oklahoma "seamless and efficient."

"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," Bennett said.

NBA commissioner Dave Stern, who had sided with Bennett that a renovated KeyArena would not work for the NBA, seemed to reverse that on word of the settlement.

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"We understand that City, County, and State officials are currently discussing a plan to substantially re-build KeyArena for the sum of $300 million. If this funding were authorized, we believe KeyArena could properly be renovated into a facility that meets NBA standards relating to revenue generation, fan amenities, team facilities, and the like."

Governor Christine Gregoire issued a statement saying she was disappointed 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," she said. "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."

The history that stays in Seattle includes popular play-by-play announcer Kevin Calabro. He stated near the end of last season that he would not follow the team to Oklahoma City.

Fans were airing their feelings on a KING5.com sports blog, where Jake Bogaards wrote: "Four generations of Sonics fans in my family. I'm brought to tears by this news. RIP Seattle Supersonics."

Commenter Martin wrote: "I hope Clay Bennet (sic) and the other new owners have to pay through the nose and lose money on their investment."

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