Seattle SuperSonics & Storm Sold

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The NBA's Seattle SuperSonics and the WNBA's Seattle Storm have been sold to an Oklahoma based group led by businessman Clay Bennett.

Bennett has been a key figure in rallying support for the New Orleans Hornets, who are currently using Oklahoma City as their temporary home. The Hornets are expected to return to New Orleans after the upcoming 2006-07 season. Oklahoma City Mayor Mick Cornett has consistantly supported the idea of placing a permanent NBA team in the Ford Center.

Howard Schultz, Sonics majority owner and Starbucks founder, has been attempting to sell the team for the past several months as the city of Seattle and franchise have been at odds over a new arena lease. The Sonics have lost about $60 million in the past five years, mostly because of a revenue-sharing lease at KeyArena that lasts until 2010.

Schultz's group purchased the Sonics in 2001 for $200 million. This $350 million sale is expected to gain league approval and close by October.

For the upcoming 2006-2007 season, the Sonics will remain in Seattle while the Hornets will play six games in New Orleans and their remaining 35 home games in Oklahoma City. Beyond that, nothing is for sure concerning these franchises.