Oklahoma News Report

SuperSonics owner Clay Bennett and the other principals in the Oklahoma City professional basketball ownership group are going to have to open their wallets big-time to make it happen, but Oklahoma City is getting a franchise in the National Basketball Association.

Under the terms of a settlement agreement with the city of Seattle, SuperSonics owner Clay Bennett could end uppaying 75 million dollars to move his NBA franchise to Oklahoma City this year. The settlement calls for an immediate payment of 45 million dollars. It would include another 30 million dollars paid to Seattle in2013 unless the Washington Legislature authorizes at least 75 million in public funding to renovate KeyArena by the end of 2009or Seattle obtains an NBA franchise of its own within the next fiveyears.

Bennett and Seattle Mayor Greg Nickels signed a binding agreement that keeps the SuperSonics’ name, logo and colors available if Seattle gets a replacement franchise. The agreement came just hours before U.S. District Judge Marsha Pechman was to rule in a lawsuit involving the team’s lease at KeyArena.

Work to move the team to Oklahoma City is beginning today, with a $100 million facelift for the Oklahoma City Ford Center to begin this summer and be completed by the fall of 2010.

Congratulations to all involved in bringing major league sports to Oklahoma, including the Oklahoma City residents who voted in March to extend a one-centsales tax for 15 months to pay for the improvements and theconstruction of a new $20 million practice facility for the team.

This is BIG NEWS for Oklahoma City and the state. Being a major league city is HUGE. Now, the question: what should the team be named, and what colors should be picked for the uniforms? Let us know what you think.