OKLAHOMA CITY — The Seattle SuperSonics and Oklahoma City have reached a preliminary agreement on a lease at the Ford Center pending NBA approval of the team’s move.
The deal calls for the SuperSonics to pay the city $1.6 million annually for use of the building and reimburse $409,000 a year to replace revenue from naming rights for the arena. The 15-year agreement has an exit clause if attendance falls after the first two years.
The deal would not become official unless NBA team owners approve the Sonics’ relocation in a meeting next month and until the team can escape its lease in Seattle.
Looks like Seattle just lost a franchise.