Sonics, Seattle Might Have a Settlement

Two reports coming out now -- less than two hours before a federal judge is set to decide the fate of the Seattle SuperSonics -- indicate the city and the NBA team might have reached a settlement agreement. The mayor of Seattle, Greg Nickels, has a press conference set for 5 p.m. Pacific, just 60 minutes after U.S. District Judge Marsha Pechman is set to deliver her decision on the court's website.

Just after 2 p.m. Pacific, the Seattle Times got a city councilwoman to say "it looks like" there will be a settlement. This jives with comments from another member of the council, Richard McIver, who told The Oklahoman the sides had worked on reaching a deal while trying to work around former owner/Starbucks CEO Howard Schultz's suit against Clay Bennett.

Why would the sides attempt to settle at this late stage? The Sonics obviously want assurance they can leave Seattle ASAP regardless of Pechman's ruling. Seattle might be looking for extra cash beyond the owed lease payments for 2008-09 and 2009-10, and possibly ownership of the 'SuperSonics' moniker and some concession from the league on exploring an expansion team. Both sides want to hedge their bets in case they lose.

UPDATE from FanHouse's Sean Hawkins in Seattle:

KJR AM is now saying they have confirmed it's a settlement. They are speculating that it's a big cash settlement, per an NBA western conference exec. Also, rumors are that no replacement team has been promised, but there could be a "wink-wink" situation brewing that there could be a replacement team in a year or two. [...] Both the mayor and Clay Bennett will have 5 p.m. Pacific new conferences happening at the same time.

UPDATE #2: The Seattle Times reports a settlement has been reached, and will be detailed at the mayor's 5 p.m. press conference.