Various media reports have indicated the city and the Sonics have reached a settlement in the Key Arena lease case, just hours before Judge Marsha Pechman was due to announce her ruling in the matter. Press conferences for both parties have been announced for 5 p.m. PDT.

UPDATE: At 4 p.m PDT, Judge Marsha Pechman confirmed the City v Sonics case had been settled and terms would be announced by both parties at 5 p.m. PDT.