The NBA Is On Its Way

Last week’s settlement between the National Basketball Association’s Seattle SuperSonics and the city of Seattle means the team will move into Oklahoma City’s Ford Center in time for the beginning of the 2008-2009 NBA season.

Seattle filed the suit in an effort to enforce the two years remaining on the team’s lease of KeyArena in Seattle.

Oklahoma City voters in March approved an extension of a 1% sales tax for 15 months to finance $100 million of improvements to the downtown arena and construction of a $20 million practice facility for the team. The tax was set to expire at the end of this year.

“We made it,” Clay Bennett, who led the group of Oklahoma City investors that purchased Supersonics in July 2006 for $350 million, said at a news conference. “Congratulations. The NBA will be in Oklahoma City next season playing their games.”

Bennett and the other owners agreed to pay $45 million to break the Seattle arena lease. The team pledged to pay another $30 million to Seattle if the Washington Legislature approves public funding for renovation of the existing facility — or for a new arena by the end of 2009 — but is unable to attract a new franchise within five years.

If the funding is not approved by lawmakers, Seattle will not get the $30 million.

The basketball team’s former owners have filed suit in federal court seeking to block the move.

If the court orders the team to return to Seattle, the city must refund $22.5 million of the settlement if the SuperSonics are forced to play an additional year in KeyArena. If the team is forced to play there another two years until the lease expires, Seattle must refund the entire $45 million.

The Oklahoma City arena will be closed for renovations for several months after it hosts the completion of the Big 12 basketball tournament in March 2009.

Improvements will include better lighting, upgrades to wiring and the broadcast infrastructure, and a private club.

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