Seattlest is still digesting the unsavory news of the loss of our beloved basketball team, the Supersonics. But rather than dwell on the downside, we are trying to keep our chin up and look for some positives. After all, it's not every day that we wake up to find $75 million in the front pocket of our well-worn jeans. We've been wondering all week about how the city might spend that big ol' chunk......

This old Sonics letterhead was appropriately posted by Seattle Municipal Archives in our Flickr Pool today. We've spent the past few weeks so angry at the Sonics ordeal and court battle, that the loss of the team and it's local history hadn't hit us until we saw this. The Seattle Supersonics are dead. Long live the Seattle Supersonics.......

In a landmark settlement that brings to an end four decades of NBA basketball in the Emerald City, the City of Seattle has accepted a $75 million buyout from the Supersonics to release the team from the remaining two years of the club's lease at Key Arena. In addition to the cash payment, the city will also retain the "Supersonics" name and the franchise history, which could be applied to a future franchise. The......

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.......

"Welcome to Oklahoma" by Flickr Contributor idswart Just doesn't have the same ring to it. But NBA owners went ahead and approved the request to move the Sonics to Oklahoma. They supported the move overwhelmingly, with a 28-2 vote. We never thought we'd say this in an unsarcastic manner, but thanks, Paul Allen and Mark Cuban. They cast the lone nay votes. Guess that Oklahoma City website that listed the Sonics as a "local team"......