Settlement Reached In Sonics Lawsuit
SEATTLE — The Seattle Times is reporting a settlement has been reached in the Sonics lawsuit that has the basketball team playing in Oklahoma City by next season.
The Sonics are going to Oklahoma City next year, but Seattle gets up to $75 million in return. The news of the settlement came just hours before U.S. District Judge Marsha Pechman had been set to issue her ruling in the lawsuit between the city and the Sonics over the KeyArena lease.
The Sonics are going to Oklahoma City next year, but Seattle gets up to $75 million in return. Sonics’ owners, led by Clay Bennett, have agreed to pay $45 million immediately.
Another $30 million would go to the city in 2013 if the state authorizes at least $75 million to renovate KeyArena by the end of next year and Seattle doesn’t get another NBA franchise within the next five years.