Board Of Governors Approve Sale Of Sonics
Press Release - It was announced today that the NBA Board of Governors has approved the sale of the Seattle SuperSonics & Storm to the Professional Basketball Club (PBC) LLC at the annual Board of Governors meeting.
On July 18, 2006, the Basketball Club of Seattle (BCOS) announced that it had signed a purchase agreement to sell the Sonics & Storm to Professional Basketball Club (PBC), an Oklahoma City, Oklahoma based investment group led by Clayton I. Bennett, chairman of Dorchester Capital, a private investment company. Additional members of the group include Aubrey K. McClendon, Chairman and CEO, Chesapeake Energy Corporation; G. Jeffrey Records, Chairman of the Board and CEO, MidFirst Bank; Tom L. Ward, Chairman and CEO, SandRidge Energy, Inc.; William Cameron, Chairman, President and CEO American Fidelity Assurance Company; Bob Howard, President, Mercedes Benz of OKC; Everett Dobson, Executive Chairman, Dobson Communications Corporation; and Jay Scaramucci, President, Balon Corporation.
Although the Board of Governors has approved the sale of the franchise, it will become official when the transaction is completed on Tuesday, Oct. 31.]