Firm Represents Professional Basketball Club in Purchase of Seattle Sonics and Storm
McAfee & Taft is pleased to have represented The Professional Basketball Club, LLC in a $350 million transaction that transferred ownership of the NBA Seattle Sonics and WNBA Storm to an Oklahoma City-based investor group. The teams were purchased from a group headed by Starbucks chairman Howard Schultz.
“Having represented the NBA in the temporary relocation of the New Orleans Hornets to Oklahoma City following Hurricane Katrina, the firm’s representation of the purchaser in the Sonics transaction marks an important step in the continuing growth our our sports-related practice,” said shareholder Frank Hill.
On July 18, 2006, the Basketball Club of Seattle (BCOS) announced that it had signed a purchase agreement to sell the Sonics and Storm to The Professional Basketball Club of Oklahoma City. The NBA Board of Governors approved the sale at its annual meeting in late October, and the transaction was completed on October 31st.