Sonics will pay to leave Seattle

SEATTLE, July 2 (UPI) -- Seattle SuperSonics owner Clay Bennett agreed Wednesday to pay the city of Seattle $45 million so he can immediately move the team to Oklahoma.

Although his NBA team still had two years to go on its lease of KeyArena, Bennett had previously announced plans to take the Sonics to Oklahoma City. Seattle sued in hopes of keeping the team through the life of the lease.

The settlement was announced shortly before a U.S. District Court judge was to have ruled on the case.

"We believe this is a fair and appropriate resolution to the litigation," Bennett said. "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.

"We have a business to run and this settlement allows us to make the best decision for the franchise."

Bennett could wind up paying an additional $30 million in 2013. He will avoid that if the Washington Legislature agrees to public funding for the overhaul of KeyArena or if Seattle receives a new franchise.

As part of the settlement, the Oklahoma City team will have a new nickname and logo.