tp2021
07-02-2008, 06:40 PM
http://nbcsports.msnbc.com/id/25502466/site/21683474/
Sonics buy way out of Seattle for $75 million
Report says team will be allowed to move to Oklahoma City
The City of Seattle and the Sonics have reached a settlement in their lawsuit, according to a report in The Seattle Times.
According to the report, the team will be allowed to leave for Oklahoma City for a payment of $75 million. The team will not have to pay the entire amount if the city is awarded another NBA team.
A judge was set to rule on Wednesday whether the team could buy its way out of its lease and move to Oklahoma City immediately, or if it had to play out the remaining two years of its lease in Seattle. But Judge Marsha Pechman confirmed Wednesday that a settlement had been reached. She told The Times that she would let the parties involved announced the terms of the settlement.
The mayor's office has scheduled a press conference for 8 p.m. ET.
Former Sonics owner Howard Schultz, the CEO of Starbucks, is also suing current owner Clay Bennett in an effort to void the sale, claiming Bennett broke a promise to try to keep the team in Seattle.
According to The Times, Schultz will not have to drop his lawsuit as part of today's settlement.
Sonics buy way out of Seattle for $75 million
Report says team will be allowed to move to Oklahoma City
The City of Seattle and the Sonics have reached a settlement in their lawsuit, according to a report in The Seattle Times.
According to the report, the team will be allowed to leave for Oklahoma City for a payment of $75 million. The team will not have to pay the entire amount if the city is awarded another NBA team.
A judge was set to rule on Wednesday whether the team could buy its way out of its lease and move to Oklahoma City immediately, or if it had to play out the remaining two years of its lease in Seattle. But Judge Marsha Pechman confirmed Wednesday that a settlement had been reached. She told The Times that she would let the parties involved announced the terms of the settlement.
The mayor's office has scheduled a press conference for 8 p.m. ET.
Former Sonics owner Howard Schultz, the CEO of Starbucks, is also suing current owner Clay Bennett in an effort to void the sale, claiming Bennett broke a promise to try to keep the team in Seattle.
According to The Times, Schultz will not have to drop his lawsuit as part of today's settlement.