 |
NBA League Approves Sale of Sonics to Starbucks Founder
The Seattle SuperSonics is under new ownership following approval on March 30 by the NBA's Board of Governors for the sale to a group headed by Howard Schultz, founder of the Seattle-based Starbucks Corporation.
The league officially confirmed the ownership transfer from Barry Ackerley to the Basketball Club of Seattle, which is led by Schultz.
The purchase agreement was reached in January, but the financial terms have not been disclosed. At the time, the Seattle Times reported the Schultz group would pay about $250 million for the Sonics and the WNBA's Seattle Storm.
"Howard Schultz is one of the most successful businessmen in America and we are delighted to welcome him to the NBA," said NBA Commissioner David Stern.
The Ackerley Group, which owned the two teams plus broadcasting and advertising properties, has been interested in selling the teams to concentrate on its core media business.
Wally Walker, the SuperSonics president and general manager, will remain as a minority investor with the added title of CEO.
The Sonics are 40-34 and in 10th place in the Western Conference, 3 1/2 games behind eighth-placed Minnesota in the battle for the final playoff berth in the West.
The new group gave head coach Nate McMillan a four-year contract extension on Tuesday.
In This Section
|