SEATTLE (AP) _ It’s moving day for the Seattle Sonics.
Owner Clay Bennett says they’re wasting no time in moving to Oklahoma City.
The way was cleared yesterday when the team and city of Seattle settled their lawsuit over the KeyArena lease.
The Sonics are paying the city $45 million. The city will have five years to renovate the KeyArena and land another NBA franchise, otherwise Bennett will owe another $30 million.
Bennett purchased the team in 2006 for $350 million and decided to leave after finding little support for a new arena.
NBA Commissioner David Stern now says a renovated KeyArena could host a franchise. But he says public funding has to be in place by the end of next year if the NBA is to return to Seattle within five years.
Bennett is leaving the Sonics name, logo and colors in Seattle for a new team.
