On this day in 2008, the Seattle SuperSonics officially announced the franchise would move to Oklahoma City and rename to the Oklahoma City Thunder.
A $75 million settlement between Clay Bennett and Seattle was agreed upon. Bennett’s investment group — the Professional Basketball Club (PBC) — agreed to pay $45 million to break Seattle’s lease with the franchise and eventually paid an additional $30 million when Seattle did not end up with a new franchise before 2013.
The lease required the SuperSonics to play in Seattle’s KeyArena until 2010 but Bennett decided to bite the bullet and terminate it early so the franchise could move to his hometown Oklahoma City quicker.
The Thunder would play their first season in 2008-09 and has been in Oklahoma City ever since.
