The deed is done.
The SuperSonics and Seattle reached a settlement of their legal feud: Clay Bennett gets to take the team to Oklahoma City for the 2008-09 season, while Seattle gets $45 million and another $30 million if the state authorizes a certain level of funding to renovate KeyArena and the city doesn’t get another NBA franchise within the next five years — something NBA commissioner David Stern hinted could happen. The team’s name, logo and colors remain in Seattle.
While the mood in Seattle is despairing, it’s dimly possible that another shoe could drop: Former Sonics owner Howard Schultz, of Starbucks fame, is suing Mr. Bennett’s group to strip them of ownership, arguing that Mr. Bennett reneged on a promise to negotiate in good faith for a new arena before trying to relocate. If Mr. Schultz prevails, the Sonics could potentially be forced to return to Seattle — Mr. Schultz and his lawyer aren’t seeking an emergency injunction to stop the move in hopes of building a better case, and that case isn’t expected to go to trial for nearly a year.
Read full story [Wall Street Journal]
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