The city and the Sonics have reached a settlement. Here's the note on the U.S. District Court's site. There's a press conference at 5 p.m. today to announce the details.
I'll be surprised if it involves the team playing any more seasons in Key Arena. But we'll see in 45 minutes or so.
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Do they even have a Fox Sports Oklahoma, and how do I subscribe?
Here's my non-lawyer, non-reporter guess as to why each side settled.
I suspect the city thought they wouldn't win on the specific performance, that the Sonics had done enough to prove bad blood and unclean hands (I suddenly feel all biblical) that Pechman would rule against them.
And if the current reports are true that the settlement is for $75M and the Sonics leave now, then the city gets to point out that they're getting three times what Bennett offered in settlement a few weeks ago.
On the Sonics side - they probably figured they'd win on specific performance but decided it was worth the money to have this done now. If Pechman had ruled in their favor, they'd still have to go through a second trial to figure out the cost question. Maybe they'd have ended up paying more than $75M, maybe not -- but it's worth it to them to have it done now.
Ugh. What a loss.
Balls.
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