HUGE NEWS! Clay Bennett & Co. buy Supersonics!

[Pete]

This just broke on the Seattle Times website:

http://seattletimes.nwsource.com/htm...icssold18.html


Sonics sold to Oklahoma City group
By Seattle Times staff


The Sonics have been sold to a group from Oklahoma City led by businessman Clay Bennett, according to multiple sources. A news conference to announce the sale has been scheduled for 3 p.m. today.

The New Orleans Hornets, displaced by the hurricane, played their games last season at Oklahoma City, and are scheduled to play there again next season.

Bennett owns an investment firm and rallied the city's business leaders to attract the Hornets to Oklahoma City. Bennett was previously on the board of directors for San Antonio Spurs.

It was not immediately known if the Sonics would move to Oklahoma.

Copyright © 2006 The Seattle Times Company

[Pete]

Here's another source:

http://msn.foxsports.com/nba/story/5794972

Sonics' future in Seattle in doubt after sale

Mike Kahn / Special to FOXSports.com
Posted: 14 minutes ago



The Seattle SuperSonics will announce the majority of the team has been sold to a group of investors from Oklahoma City, according to an influential NBA source who spoke with members of the existing ownership group.

The announcement is set for a press conference Tuesday at 6 p.m. ET.
Neither side would confirm the sale, however, those sources from within the Basketball Club of Seattle said it is a $350 million agreement with the group from Oklahoma City. And although the announcement will say the new owners will try to make a go of it in Seattle, they could move the team to Oklahoma City as soon as the 2007-08 season. Even though the lease at KeyArena runs through 2010, the city has claimed it loses money every time the Sonics play — so some sort of buyout could be made in the near future.

Sonics vice president of communications Karen Bryant confirmed there will be a press conference Tuesday, but would not elaborate on the details.

The Sonics, the flagship professional franchise in Seattle dating back to 1967, have been losing tens of millions of dollars since present majority owner Starbucks chairman Howard Schultz purchased the team from The Ackerley Group in 2001, due in part to an unpalatable lease with the city of Seattle. Led by president and minority owner Wally Walker, they have been trying desperately to get the city and state to approve renovations to the 17,072-seat KeyArena, which had a $70 million facelift in 1995 and was renamed in lieu of the dilapidated old Seattle Center Coliseum.

But after NBA commissioner David Stern joined Schultz and Walker at a special session of the state legislature in Olympia last winter in an attempt to get support from the state of Washington, the wheels began to turn. Rumblings from groups in San Jose and Orange County came into the picture. The general consensus was the Sonics would stay, but eventually move to the east side of Lake Washington in affluent Bellevue, where the majority of the season ticket base resides anyway. Stern also said at an All-Star Game news conference that the league would allow the Sonics to relocate if the team was not given the money it requested.

Nonetheless, the Sonics have had resistance from all sides in search of financial help, and the bloated ownership group — which has more than 60 investors — has been answering cash calls of late.

Meanwhile, Oklahoma City sold out 35 games last season while providing the New Orleans Hornets with a de facto home in the wake of Hurricane Katrina's destruction in the Big Easy. The NBA had already announced the 2008 NBA All-Star game would be played in New Orleans, and has encouraged owner George Shinn to make every attempt to make a go of it in New Orleans despite a struggle with sponsorship and attendance even before the devastation of Katrina.

That success explains why Stern may have brokered the deal between the group from Oklahoma City, essentially delivering the Sonics as a payback for being the cordial and successful host. Especially since the city of Seattle and the state of Washington have showed no indication they would like to help the Sonics financially.

The Sonics won the NBA title in 1979 and lost in the NBA Finals in 1996. But they have been in the playoffs just twice since Schultz bought the team after he promised they would win a title within five years. The Starbucks corporate office is located south of downtown Seattle.

[Midtowner]

I know one restaurant chain which will be an instant sponsor.

[Patrick]

From what I've been told Sonic Corp. is planning on buying out the naming rights for the Ford Center. New name: Sonic Center

[Pete]

ESPN is reporting the group also bought the WNBA franchise the Seattle Storm.

[Patrick]

Sweet! NBA and WNBA all in one swoop. I guess we have the Hornets for one more year, then the Sonics will be ours. And we can laugh at George Shinn as the Hornets do miserably in New Orleans.

[Pete]

I'm sure the Sonics deal was payback to Bennett & Co. for solving the short-term Hornets problem.

The Hornets have to go back. The NBA has way too much of a political situation on it's hands with New Orleans.


But this couldn't have worked out better for OKC. The Sonics are a much better franchise, we get true local ownership, Shinn is out of the picture, etc.

Simply awesome development.

[HOT ROD]

I JUST heard on the local Seattle media that, the Seattle Supersonics have been SOLD!!!! to an Oklahoma City investment group..



LOOK FOR THE SONICS to become OKLAHOMA CITY'S PERMANENT TEAM SOON!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[escan]

The only downside for me is that I don't want to lose my awesome season ticket seats...dang!

[HOT ROD]

yo wont lose your tix, Im sure the Sonics will move to OKC after the Hornets lease is up

(or perhaps some shuffling with NO??? Maybe OKC would retain the Hornets and give the Sonics to NO??????)

[escan]

I know I'll keep my Hornets tix, but I want the SAME tix for the Sonics.

[soonerliberal]

It looks like the Sonics are at least a few years away from actually making the move. I have a feeling the city of Seattle will play hardball and try their hardest to keep the Sonics from breaking their lease, which expires in 2010. Who really knows though? Regardless, this is incredible news for the city and fans of NBA basketball.

[sweetdaisy]

http://sports.espn.go.com/nba/news/story?id=2522944

To back soonerliberal's story...

[Pete]

They could always just continue to pay on the lease and still move the team.

OKC would probably give them free (or almost free) rent to offset any short-term issues.

I'm sure Bennett and his partners have this all worked out but they might not be able to talk about it until after next season.

Remember that Bennett formed his LLC with the express goal of getting a pro franchise for OKC, and he's very tight with Mick Cornett and all the city leaders.

[Easy180]

anyone seen their roster??...pretty sad outside of Ray Allen who is getting up there....let's hope they get a star by the time they head down here

For more fun check out the Seattle Times Sonics forum...lots of well wishes and praise for OKC : )

[fsusurfer]

It looks like the Sonics are at least a few years away from actually making the move. I have a feeling the city of Seattle will play hardball and try their hardest to keep the Sonics from breaking their lease, which expires in 2010. Who really knows though? Regardless, this is incredible news for the city and fans of NBA basketball.

Seattle loses money every time the team plays in their arena. The city is ready to unload the sonics and will be happy to break the lease.

[metro]

You beat me to it!

OKLAHOMA CITY -- Sources with the NBA's Seattle Supersonics have confirmed that a group of businessmen from Oklahoma City had purchased the team.

Discuss

According to a wire report from The Associated Press, the WNBA's Seattle Storm was purchased also. The Oklahoma City group leading the purchase efforts is headed by Clay Bennett.


There is no word as to whether Bennett would move the team to Oklahoma City.

A news conference is scheduled for 5 p.m.

[BricktownGuy]

You would think the team would move... his goal was to get okc a team... rite????

[Karried]

WHOOOOOOOOOOOHOOOOOOOOOOOOO !!!

This is great news any way we look at it... who would have thought this could happen a few years ago?

OKC an NBA city.. Big time baby! This is all over the news... nationwide coverage.. you can't pay for positive exposure like this.. I'm so excited!!!!

[scotplum]

anyone seen their roster??...pretty sad outside of Ray Allen who is getting up there....let's hope they get a star by the time they head down here

For more fun check out the Seattle Times Sonics forum...lots of well wishes and praise for OKC : )

I'd say Rashard Lewis is a pretty big name.

[Pete]

I'm absolutely sure the Sonics will move for the 07/08 season.

They won't say so because they still have sell tickets in Seattle for this season and the Hornets have to seel tickets in OKC, too.

But of course that's what will happen... This group has the OKC market completely primed for NBA basketball... Do you really think they would spend $350 million if this wasn't already worked out?

[MadMonk]

Just heard about this. Great news. Let NO have their Hornets back and we get the Sonics. Everyone's happy and it makes OKC look good by keeping our promise to return the Hornets when possible.

[metro]

Here's what USA Today has to say:

http://www.usatoday.com/sports/baske...tm?POE=SPOISVA

[mranderson]

EXCELLENT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!

Here is what the media is saying about the future.

Three scenerios.

1. The Sonics stay in Seattle after the state agreeing to build a new arena (a condition of the sale is to negotiate for the team to stay in Seattle). The Hornets go back to New Orleans and Oklahoma City is teamless.

2. The Sonics move to Oklahoma City and the Hornets back to New Orleans in 2007-2008.

3. The ownership of the Hornets and the Sonics trade teams keeping the Hornets in Oklahoma City and the Sonics move to New Orleans.

I do not think Bennett is stupid enough to buy the team if it stays in Seattle. I think the condition was just so he could get the team.

Look for the new and improved Oklahoma City Sonics and the Oklahoma City Storm (WNBA) in 2007.

[HOT ROD]

on the tv talk shows here in Seattle, most callers are saying: Pack up and leave. We have other pressing issues here in Seattle"

Over 75% of the fans/residents here say "GO". Its inevitable they are gonna go to OKC", caller.

"Stern promised OKC a team one way or another.... Hornets going back to New Orleans, so the Sonics are gonna go to OKC." Ron, Caller

NW Cable News (paraphrased)