A Drop in the Bucket: Why the Settlement between the Sonics and Seattle will See Bennett Making $$$

That laughter you're hearing is the owners of the Seattle SuperSonics. Or rather, the owners of the team formerly known as the Seattle SuperSonics as a settlement has been reached between ownership and the City of Seattle for as much as $75 million. The deal allows the Sonics to get out of the last two years on the KeyArena lease and relocate the team this off-season to Oklahoma City. How soon will they move? Principle owner Clay Bennett said the move begins Thursday. The deal calls for an immediate payment of $45 million, and an additional $30 million paid to Seattle in 2013, should the Washington State legislature pay $75 million in funding to renovate KeyArena by the end of 2009. The City Council still has to approve the settlement. See the MOU of the settlement agreement (PDF) If it sounds odd to say that Bennett and his minority owners are laughing after shelling out $45 million, consider… Bennett claimed during the trial that the Sonics would lose $60 million if forc...