Seattle Sonics reach last-minute settlement with city

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Seattle Sonics reach last-minute settlement with city

04:35 PM PDT on Wednesday, July 2, 2008

Associated Press

SEATTLE (AP) -- In a stunning turn, the city of Seattle and the SuperSonics have reached a last-minute settlement before the judge was to rule in their KeyArena lease dispute.

The settlement was reached just hours before U.S. District Judge Marsha Pechman was to announce her verdict in the trial between the city and the team.

According to The Seattle Times, the team will still move to Oklahoma, and the City of Seattle will get $75 million, but less if they acquire another NBA team.

The city of Seattle scheduled a news conference at 5 p.m. PDT Wednesday, the same time as a news conference in Oklahoma City with Sonics' owner Clay Bennett.

The settlement was announced by Pechman on the federal court Web site.