The settlement which Oklahoma City team owner Clay Bennett announced was being negotiated with the City of Seattle has now been reached, allowing the team to officially move, according to a report by the Associated Press.

Seattle city attorney Tom Carr said in an e-mail to The Associated Press that the city had reached an agreement superseding the memorandum of understanding the parties had reached on July 2.

"It's a more detailed agreement on the same principles," Carr wrote in the e-mail.

The initial memorandum called for Bennett to make a $45 million payment to the city of Seattle to break the lease and another $30 million payment if the city doesn't have a new NBA team within five years despite the Washington Legislature approving funding for a new arena by the end of next year.

That agreement also allowed Seattle to retain the rights to the SuperSonics' name, logo, and team colors.

Via Seattle Times

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