During a 13-hour deposition obtained by The Associated Press on Friday, Sonics owner Clay Bennett described the unfortunate financial situation he would be in should U.S. District Judge Marsha Pechman rule that the team play out the remaining two seasons on its KeyArena lease. As reported by ESPN:

The Sonics owner says his team would make almost $20 million if it played in Oklahoma City during the next two years. He suggests the team will lose more than $60 million -- about 20 percent of what he paid for it -- if it stays in Seattle for two more "lame duck" seasons.

The testimony shows the Sonics lost $23 million in 2004 and $29 million in 2005 while under ownership of Starbucks Corp. chairman Howard Shultz.

In July 2006, Bennett and his co-owners coughed up $350 million to buy the team. During 2007-08, the Sonics worst season in franchise history (20-62), Bennett claims the team lost $32 million.

Therefore, Bennett estimated in his testimony that the team would lose $60.9 million-$64.9 million if the Sonics were forced to stay in Seattle for the next two seasons.

While Bennett is a very wealthy man, among the wealthiest in the state of Oklahoma in fact, “It’s certainly no fun losing a lot of money”, according to him.

On the flip side, Bennett estimated that “Sonics-related economic activity in Oklahoma City” would generate $171 million a year, and that the team’s annual tax revenue would approach $11 million.

Given this, and the fact that the team will leave following the 2010 season anyway, Bennett claims forcing the Sonics to stay in Seattle “is a losing proposition on all sides.”

When Bennett purchased the Sonics in 2006, he agreed to make an effort to find a new arena in the Seattle area. Shultz feels Bennett’s efforts were inadequate, and is suing him because of it, claiming a breach in the agreement.

In an e-mail written to his partners just before they bought the Sonics, Bennett discussed the possibility of a new arena deal being reached to keep the team in Seattle. In this event, Bennett planned to sell the team in a “sweet flip”, leaving his Professional Basketball Club ownership group “in good shape for something in OKC.”

The six-day trial to determine the Sonics fate is set to begin on June 16.

• Sonics’ Lawyers Ask That Schultz Suit Be Dismissed
• City of Seattle Claims Sonics Have Intentionally Limited Team Exposure
• Two Damaging Emails From Sonics Minority Owner Deposition Conflict With Testimony
• Howard Schultz Claims Clay Bennett Breached Sonics Sale Contract

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Nick Kappel is a staff member for the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey.

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