nba basketball news rumors



NBA Basketball News, Rumors, Sonics officially moving to Oklahoma City for 2008-09 seasons, Interviews
InsideHoops Home | NBA Basketball | College Hoops | High School | Streetball | Rucker Park | NYC | Minors | WNBA | World

  NBA NEWS & RUMORS
News
NBA rumors
Media Links
Basketball Blog

  EMAIL & FORUMS
Message Board
Free Email

  SCORES & STATS
Scores
NBA Stats
Previews
Recaps
Standings
NBA Video
Schedule
Transactions

  NBA FEATURES
Fantasy Basketball
Power Rankings
NBA Awards Watch
NBA Articles Archive
NBA Salaries
Free Agents
Interviews
Depth Charts
MVP Race
Rookie Watch
NBA Draft
NBA Mock Draft




  MORE BASKETBALL
History
NBA All-Star Weekend
Business
Playing Tips
NBA Throwback Jerseys

  MORE LEAGUES
Olympics
World
USA
Minors
Summer

  WEBSITE INFO
About Us
Write For Us
Advertise
Contact Us


Sonics moving to Oklahoma City

 
Knicks forward Julius Randle speaks on 2OT win over Celtics
No firm timetable yet for return of Bulls guard Coby White
Deandre Ayton speaks on lack of Suns extension agreement
G League: Raptors 905 coaching staff announced
Pelicans and Jonas Valanciunas agree to contract extension
Jaylen Brown had some breathing issues due to COVID-19
Jim Boylen named head coach of November 2021 USA Basketball World Cup Qualifying Team
DeMar DeRozan buys new Chicago mansion
Celtics re-sign Jabari Parker
Timberwolves exercise contract options on Anthony Edwards and Jaden McDaniels
Raptors exercise contract options on Precious Achiuwa and Malachi Flynn
Lakers add Avery Bradley via waiver wire
Hawks sign Kevin Huerter to contract extension
Pacers sign Malcolm Brogdon to contract extension
Grizzlies sign Jaren Jackson Jr. to contract extension
Rockets add Garrison Mathews, waive Anthony Lamb
Spurs exercise contract options on Keldon Johnson and Devin Vassell
Hornets waive Wes Iwundu
Lakers sign Jay Huff to two-way contract
Celtics sign Brodric Thomas to two-way contract
Raptors waive forward Ishmail Wainright
Memphis Grizzlies waive Kris Dunn, David Stockton and Matthew Hurt
OKC Thunder waive Mamadi Diakite, Justin Jaworski and Oliver Sarr
Trail Blazers waive Patrick Patterson, Marquese Chriss and Quinn Cook
Timberwolves waive forward Vince Edwards
Orlando Magic waive Admiral Schofield, B.J. Johnson, Jeff Dowtin and Hassani Gravett
Utah Jazz waive forward Nino Johnson
Mavericks waive Justin Jackson and EJ Onu
Sacramento Kings exercise contract option on Tyrese Haliburton
Dallas Mavericks sign Justin Jackson and E.J. Onu
Dallas Mavericks waive Carlik Jones, Feron Hunt and Tyrell Terry
Miami Heat waive DJ Stewart, Javonte Smart, Micah Potter and Dru Smith
Rockets sign Daishen Nix, waive Marcus Foster
Atlanta Hawks exercise contract options on De’Andre Hunter, Cam Reddish and Onyeka Okongwu
Timberwolves waive Brian Bowen II, Chris Silva, Matt Lewis and Isaiah Miller
Grizzlies sign David Stockton, waive Ahmad Caver
Kings waive forward Emanuel Terry
Timberwolves sign forward Vince Edwards
Lakers waive Joel Ayayi, Chaundee Brown Jr., Cameron Oliver and Trevelin Queen
Pelicans waive John Petty Jr.
Utah Jazz sign forward Nino Johnson
Utah Jazz waive Derrick Alston Jr., Marques Bolden and MaCio Teague
Charlotte Hornets waive Jalen Crutcher and Cameron McGriff
Rockets sign Armoni Brooks and Marcus Foster, waive Tyler Bey
Grizzlies sign Ahmad Caver and Matthew Hurt, waive Sean McDermott and Romeo Weems
Lakers waive guard Mac McClung




"LIKE" US ON FACEBOOK


 






| July 2, 2008

Sonics officially moving to Oklahoma City for 2008-09 seasonThe City of Seattle has agreed to settle its lawsuit against the Professional Basketball Club, LLC after both parties reached an agreement that terminates PBC’s lease at KeyArena and allows the team to relocate immediately to Oklahoma City, PBC Chairman Clay Bennett announced today. The settlement agreement was signed by Bennett and Seattle Mayor Greg Nickels.

"We believe this is a fair and appropriate resolution to the litigation involving the Sonics and the City of Seattle. We are pleased that the uncertainty is lifted for our players, staff and Oklahoma City fans who can now make plans for the immediate future,” Bennett said. He added ticket requests for the 2008-09 season at the Ford Center will be taken immediately. “We have a business to run and this settlement allows us to make the best decision for the franchise and allow the City of Seattle to begin planning its own NBA future.”

Under the settlement agreement, PBC agrees to pay the City $45 million in order to terminate the KeyArena lease. An additional contingent payment of $30 million will be due in 2013 unless one of the following occurs: the Washington Legislature fails to authorize at least $75 million of public funding for KeyArena renovations by the end of 2009 or Seattle obtains a new or relocated NBA franchise within that five year period. A binding version of the agreement was signed by Bennett and Nickels today. A more permanent version will be formalized by August 1.

The agreement also includes language regarding a lawsuit filed against PBC by the Sonics’ former ownership group The Basketball Club of Seattle, headed by Howard Schultz. Under terms of the settlement, if PBC is prevented from playing home games in Oklahoma City in the 2008-09 or 2009-10 seasons as a result of the Schultz suit, the City will repay PBC $22.5 million for each season. In addition, if PBC is required to play in KeyArena in the 2008-09 and 2009-10 seasons as a result of the Schultz suit, PBC is released from its obligation to make the $30 million contingent payment.

The settlement document also confirms that the Sonics name, logo, and colors will remain available for a potential future NBA franchise in Seattle. “I was always amenable, as part of a negotiation process, to reserving the name for Seattle fans. I feel it’s appropriate and we wish Sonics fans and the City good luck in their efforts to develop a modern NBA arena and return pro basketball to Seattle in the future,” Bennett said. He added, details of the name and colors for Oklahoma City’s new team are still being developed and will be announced in the near future.

Bennett said the team will begin an immediate transition to Oklahoma City, working closely with staff, players and coaches to make the transition as easy as possible. He said he has asked Sonics General Manager Sam Presti and interim President and CEO Danny Barth to head up the transition process.

Bennett announced that season ticket requests for the Oklahoma City’s team inaugural season in the Ford Center, beginning in the fall, will be taken immediately through July 18.

Statement from NBA Commissioner David Stern

“We are pleased that the Sonics and the City of Seattle have settled their litigation. While the decision has been made to relocate the Sonics to Oklahoma City, the NBA continues to regard Seattle as a first-class NBA city that is capable of serving as home for another NBA team. In order for this to occur, a state-of-the-art NBA arena must be funded and constructed in the Seattle area, a subject that has been extensively debated -- but not ultimately acted upon -- by local political and business leaders over the past four years. We are pleased that the City remains committed to addressing this fundamental requirement for the return of NBA basketball to Seattle and we hope that other elected officials critical to a solution will support the City’s efforts.

“We understand that City, County, and State officials are currently discussing a plan to substantially re-build KeyArena for the sum of $300 million. If this funding were authorized, we believe KeyArena could properly be renovated into a facility that meets NBA standards relating to revenue generation, fan amenities, team facilities, and the like. Assuming the funding can be committed, the league is willing to work with the City on the design and construction of the re-build to facilitate this result. Under these circumstances, if an opportunity arose in the future for an NBA team to be located in Seattle, we would support that team playing its home games in a re-built KeyArena, if it wished. However, given the lead times associated with any franchise acquisition or relocation and with a construction project as complex as a KeyArena renovation, authorization of the public funding needs to occur by the end of 2009 in order for there to be any chance for the NBA to return to Seattle within the next five years.

“We are pleased that Steve Ballmer has expressed the continuing willingness of his group, Seattle Center Investors, managed by Seattle developer Matt Griffin, to be a part of the solution for returning NBA basketball to Seattle. The NBA will keep SCI and the City informed if opportunities arise in the next five years for franchise sale, relocation and/or expansion. Under the circumstances outlined above, the NBA would be happy to return to the City of Seattle.”


nba basketball news rumors








MAIN BASKETBALL SECTIONS
NBA Basketball
College
High School
Streetball
WNBA
D-League
Basketball Forum
BASKETBALL SOCIAL MEDIA
RSS (of our blog)
On Twitter
On Facebook
On Instagram
On YouTube
On Google+
KEY BASKETBALL WEBSITE INFO
About Us
Contact Us
Advertise
Write For Us

All content copyright © 1999-2019, InsideHoops.com. All rights reserved. Privacy Policy. Terms of Use.
Partner with USA TODAY Sports Digital Properties. Owned by InsideHoops Media Inc.