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Seattle Loses Their Team

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TrueHoop reports:

The Sonics have been released from their lease, and will be on their way Oklahoma City, in exchange for $45 million in immediate payments to the city. In addition, $30 million more will be paid by the Sonics owners in five years if KeyArena is renovated, and the NBA does not have another team approved for Seattle.

Well, they get some cash and get to keep the team name, but for now they don't have a team.  Sad.