Seattle Sonics sold to Oklahoma Investor

SEATTLE - The city's oldest major league franchise has been sold to a group from Oklahoma City whose main investor says he won't move the team as long as he can find a "successor venue" to the Key Arena within 12 months.

Team owners announced the $350 million sale of both the Sonics and the Storm at a press conference Tuesday afternoon.

“It is not our intention to move or relocate the teams as long, of course, as we can negotiate a successor venue to the current basketball arena and arrangements to make sure that the Sonics and Storm can succeed in today’s NBA environment,” lead investor and Oklahoma businessman Clay Bennett said.

Bennett was instrumental in the temporary relocation of the Hornets to Oklahoma City following Hurricane Katrina. But the Hornets are scheduled to return to New Orleans following the 2006-07 season and Bennett has said he would like to bring an NBA team to Oklahoma City.

“Certainly, ultimately, we hope to have a basketball club in Oklahoma City, but it’s unrelated to this transaction,” Bennett said. N evertheless, he was giving it 12 months to come up with a better arena for the Sonics and Storm to play in, and after that “we have the opportunity contractually to evaluate our position.”

The sale of the team has been a possibility since team owners began asking the city to help finance a major overhaul of the Sonics' home at Key Arena.

Team majority owner and Starbucks coffee magnate Howard Schultz says the Sonics have lost about $60 million in the past five years, a loss Schultz blamed on a revenue-sharing lease at KeyArena that lasts until 2010.

During the legislative session this year, the Sonics asked the state Legislature for financial assistance toward arena improvements at an estimated cost of $220 million, but legislators failed to act.

In the meantime, Sonics owners said in April that putting the team up for sale was one option it was considering during negotiations with the city.

What followed appeared to be saber rattling on both sides, with Seattle Mayor Greg Nickels saying that Key Arena could survive without the Sonics.

On Tuesday Schultz said that the new owners would be better able to convince the powers that be to chip in for a new venue.

“I believe that they are better positioned than we are to convince the city, the state and obviously political leaders that if they can’t arrive at an acceptable deal, that unfortunately the team wouldn’t stay here. That’s not their intent,” said Schultz.

After news of the sale broke, Nickels said he was disappointed in the news and would work with the new owners to find a way to keep the team in Seattle.

“We think that there’s a way for the Sonics and Seattle Center and the taxpayers will do well,” he said.

Nickels said however, that the same principles applied to discussions with the Schultz ownership group would apply to discussions with the new owners.

If it involves a significant public investment, a new tax or extending tax, then that would require permission of voters, Nickels said.

Gov. Christine Gregoire's staff released a statement saying, "she believes the Sonics have always been very honest and open with her. There was never a question that they were looking for a solution to stay in the region."

Oklahoma City was always at the top of the list of potential buyers for the team.

The Sonics are currently owned by The Basketball Club of Seattle LLC, a group of 58 investors headed by Schultz and who purchased the Sonics for $200 million in 2001.

In Oklahoma City, Mayor Mick Cornett said it was premature to assume that the sale of the team meant the Sonics would be relocated to his town.

“I can assure you there is no plan, there’s no scenario that’s been worked out through my office that the Seattle SuperSonics franchise is headed to Oklahoma City,” Cornett said.

Nevertheless, Cornett said, “We can support one franchise very, very well.” This text is invisible on the page, but this text is affected by the invisible item's flow. This text is invisible on the page, but this text is affected by the invisible item's flow. More headlines...

The current owners did all the prerequisite moaning about how the community wouldn't give them the Key to The City, A Golden Crown, and kiss their royal behinds..

Not to mention the bazillion dollars these teams are always trying to extort.

That's OK, you are welcome to the Trailblazers. (Lucky you!)

Note to new owners: Canning Wally Walker would be a start (get in line)

We here in Memphis know ALL about that. Michael Heisley, owner of the Grizzlies, and also of Memphis, has gotten his way ever since the powers that be prostituted themselves at his altar of greed. One thing he got was a no-complete clause that forbids any event from coming here if it conflicts with the Grizzlies sked. As a result, the Tunica casinos and The DeSoto Civic Center are cleaning up. Please, Oklahoma, don't fall into that trap if the Sonics are moved there. You will lose bigtime.

4 posted on 07/18/2006 7:01:45 PM PDT by NCC-1701 (RADICAL ISLAM IS A CULT. IT MUST BE ELIMINATED FROM THE FACE OF THE EARTH.)

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