Originally published July 3, 2008 at 12:00 AM | Page modified July 3, 2008 at 12:58 AM
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Print viewA look at the settlement between city, Sonics owners
• Clay Bennett's ownership group pays Seattle $45 million to terminate the KeyArena lease, allowing the Sonics to immediately move...
• Clay Bennett's ownership group pays Seattle $45 million to terminate the KeyArena lease, allowing the Sonics to immediately move to Oklahoma City.
• Bennett's group will pay Seattle $30 million more if, in five years, the city is unable to attract another NBA team. But that extra payment is contingent on the Legislature approving $75 million toward a $300 million KeyArena renovation.
• Bennett's group agrees not to use the Sonics name, logo and colors. Trophies, banners, retired jerseys and other memorabilia identified by Seattle and acceptable to Bennett's group will stay in Seattle "in the custody of the Museum of History & Industry" or other acceptable custodian.
• If Howard Schultz's pending lawsuit — to try to undo his sale of the team to Bennett — forces the Sonics to return to Seattle and play in KeyArena for either the 2008-09 or 2009-2010 seasons, Seattle would refund Bennett's group $22.5 million per season missed in Oklahoma City. The KeyArena lease would be reinstated through 2010. The city promises to remain neutral in Schultz's lawsuit and not to help his case.
• Seattle and Bennett's group each pays its own attorney fees.
Copyright © 2008 The Seattle Times Company
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