Wednesday, July 2, 2008; Posted: 8:04 p.m. (CDT)

A big announcement regarding the Sonics was made Wednesday evening.  Sonics owner, Clay Bennett, says the NBA will be coming to Oklahoma City next season.  According to Bennett, the transition begins Thursday morning. (Watch Press Conference Part 1 and Part 2)

Bennett outlined the financial framework.  He says the move will cost the ownership group $45 million.  It will cost another $30 million if Seattle approves plans to revamp KeyArena.  It's also contingent on the NBA offering Seattle another team.

As far as the team's name, Oklahoma City will no longer use the Sonics name or colors.  They will also leave with Seattle with its trophy and banners.

Oklahoma City will get a new name for the team and new colors.  The ownership group is working closely with the NBA on coming up with the name.  Bennett would not give a timeline for when the name will be announced but he says it will happen.

The team will play its pre-season games in Tulsa.  It will tip-off the NBA season in Oklahoma City at the Ford Center in November.

For information on the Sonics call 888-618-HOOP or log on to www.Supersonics.com.