Thursday, July 3, 2008
We reported earlier on a breach of contract action brought by the Seattle Sonics' former owner Howard Schultz against the new owners of the NBA basketball team, alleging that the new owners had planned all along to move the team to Oklahoma City. The City of Seattle also filed suit, seeking to keep the hoopsters in a city better known for caffeinated hipsters. Bowing to the inevitable perhaps, Seattle Mayor Greg Nickels (pictured) has reached a deal with the new owners.
According to the Seattle Times, the deal leaves the city in despair, but it allows Mayor Nickels to save face, as Sonics' the new owners have agreed to a $45 million payment, which will cover rent due and an earlier renovation of Seattle's KeyArena. If Seattle cannot land a new NBA team by 2013, the new owners must pay an additional $30 million.
Howard Schultz vows to fight on, hoping to have the Kevin Durant and co. back sipping ventes on their way to the Space Needle by the 2009-2010 season, according to the Post-Intelligencer.