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Supersonics and Storm sold to group from Oklahoma City

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Howard Schultz, head of the Basketball Club of Seattle and Chairman of Starbucks Corp., announced that the NBA’s Seattle Supersonics and the WNBA’s Seattle Storms would be sold to the Professional Basketball Club LLC for $350 million.

“This isn't how we wanted to go out,” Schultz explained after he announced his decision to sell the professional sports franchise. “I turned down higher offers from potential buyers that I felt would move the team immediately.”

The new owners have established a 12-month deadline to reach an agreement with Seattle officials concerning a new arena for the team. After that period, the Oklahoma City Group, headed by Clay Bennett, will gain the option to move the team to Oklahoma.

“It is not our intention to move or relocate the teams -- as long, of course, as we are able to negotiate a successor venue to the current basketball arena and arrangements to ensure the Sonics and Storm can succeed,” Bennett explained.