Oklahoma City reaches preliminary lease agreement with Sonics Print
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Friday, 14 March 2008 12:32
NBA Headline News

 OKLAHOMA CITY (AP) -The Seattle SuperSonics and Oklahoma City reached a preliminary agreement on a lease at the Ford Center, pending NBA approval of the team's move.
The deal calls for the club to pay the city $1.6 million annually for use of the building and reimburse $409,000 per year to replace revenue from naming rights.
The agreement calls for a 15-year term, but has an exit clause after the sixth year if revenues fall from the first two years after the Ford Center's renovations are completed.
 

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