SEATTLE (AP) -Former Seattle SuperSonics owner Howard Schultz says he’s dropping his lawsuit against new team owner Clay Bennett, ending an attempt to regain ownership of the team that has moved to Oklahoma City.
The Starbucks Corp. CEO filed a motion for dismissal Friday in federal court in Seattle.
In a letter to former members of his ownership group. Schultz says two recent rulings in his lawsuit have convinced him it’s unlikely to succeed.
Schultz also says the city of Seattle’s settlement with Bennett, allowing the Sonics to move to Oklahoma City in time for the 2008-09 season, hampered his case.
Schultz sold the team to Bennett’s ownership group in 2006 for $350 million.
Last April, Schultz sued to regain ownership, contending Bennett failed to carry through on a promise to negotiate in good faith for a new arena in Seattle for one full year. Bennett has always called the suit “baseless.”
Add A Comment