The City of Seattle and the Oklahoma City-based owners of the Seattle SuperSonics National Basketball Association franchise made the announcement that they have reached a settlement that will allow the team to break their lease and play their games in Oklahoma starting in November.

PBC will first pay $45 million to the City of Seattle and possibly another $30 million in five years. The contingency will not be paid if another NBA team settles in Seattle.

Another element of the settlement is that the franchise will not use the name Sonics or SuperSonics, the team logo or colors. A new name, logo and colors is to be announced soon.

NBA owners approved the Sonics’ relocation bid to Oklahoma City by an overwhelming 28-2 vote today by the league’s Board of Governors. Th two votes against the move came from Mark Cuban of the Dallas Mavericks and Paul Allen of the Portland Trail Blazers.

NBA commissioner David Stern said in an interview “The support for the NBA demonstrated by the fans, government leaders and business community of Oklahoma City over the last three years has been extraordinary, the Board of Governors is confident that the level of local support will result in success for the Sonics franchise in Oklahoma.”

The Sonics will become the fourth franchise to relocate since 1985. The Kansas City Kings moved to Sacramento, the Vancouver Grizzlies to Memphis and the Charlotte Hornets to New Orleans. With the Sonics’ departure after 41 years Seattle would rank as the longest-tenured NBA city ever to lose a team.