As we've said for months and months now on Sports Business Radio and right here on this blog, the worst kept secret in the NBA was that Sonics owner Clay Bennett purchased the team with the full intention of moving the franchise to Oklahoma City. This press release the Sonics put out this morning now makes Bennett's intentions official:

SEATTLE, Friday, Nov. 2, 2007 - The following is a statement from Seattle SuperSonics & Storm Chairman Clayton I. Bennett.

On behalf of the owners of the Seattle SuperSonics and Seattle Storm, I am disappointed that our efforts over the last fifteen months to foster the development of a new multi-purpose arena in the Greater Seattle area were not successful. From the beginning, it has been my absolute hope and expectation that we would be able to secure the necessary governmental commitments to build a successor venue to KeyArena. Even though our proposal for a new state-of-the-art multi-purpose facility to be built in Renton was thoughtfully developed by a world-class team, was financially reasonable and was realistically attainable, we were unable to persuade the Washington Legislature to vote on our bill. The region is still in need of a modern building, not just for the Sonics and Storm, but also for the broad commercial and quality of life benefits such facilities provide.

We now understand and respect that there is very limited public support for such a public investment. As we stated on July 18, 2006, and have stated on many occasions thereafter, KeyArena is not a viable modern venue for the NBA and if a successor facility is not identified by October 31, 2007, we would evaluate our options, which would include relocation. Given the clear lack of public, political, and business support for a new multi-purpose arena, plus the enactment of Initiative 91 as a City of Seattle ordinance following a public vote authorized by the Seattle City Council itself, and the significant operating losses the businesses are now incurring, we have no option but to commence the NBA relocation process.

Today we notified Commissioner Stern that we intend to relocate the Sonics to Oklahoma City if we succeed in the pending litigation with the City, or are able to negotiate an early lease termination, or at the end of the lease term.

We have not made a decision regarding the future location of the Seattle Storm. We appreciate the deep local interest and support for the Storm and have begun to evaluate a future course of action for the team.

Notwithstanding the uncertainty and difficulty of this challenging time, we remain completely committed to the success of our basketball teams. We will continue to provide our players, coaches and staff the tools and support they need to be competitive.

We are also completely committed to providing our fans a first class basketball, entertainment and social experience. We will do all we can to ensure that our fans, sponsors and marketing and broadcast partners enjoy the highest value from their relationship with the Sonics and Storm.

There have been many in the region who have provided courageous, visionary support to our efforts. We sincerely appreciate your hard work and friendship in this difficult process.

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Didn't we all officially know that this day was coming when Sonics minority owner Aubrey McClendon did an interview with an Oklahoma newpaper back in August essentially spilling the beans and telling us all that the ownership group who purchased the team from Starbucks founder Howard Schultz had no intention of keeping the team in the Pacific Northwest?

Remember what I wrote back in August though. Just because Bennett wants to move the team, it doesn't mean it will happen as quickly as he'd like it to. First and foremost, the team's current lease with Key Arena runs through the 2009-10 NBA season. Even if they want to break the lease, there will likely be a stiff financial penalty to pay.

Next, Bennett and his ownership group will need to win the approval of the NBA's other NBA owners in order to move from Seattle to Oklahoma City. Today's announcement that they plan to relocate to Oklahoma City is step one in a series of steps that would need to be successful for the team to ultimately relocate.

If the relocation is approved, Bennett and his group will have to pay a relocation fee to the NBA. For example, the Memphis Grizzlies paid the NBA $30M to relocate from Vancouver to Memphis. Its safe to say the price for a relocation fee today would likely start at $50M.

Then there will be costs associated with moving the front office staff from Seattle to Oklahoma City. New office space will need to be secured and a new practice facility for the team will likely need to be built.

So Bennett and his group could be looking at well over $100M in expenses associated with moving the Supersonics from Seattle to Oklahoma City. Remember, Bennett's group purchased the Seattle Supersonics for a reported $350M so in essence, he'd be spending almost a third of that amount to relocate the team to Oklahoma City. Not an inexpensive proposition by any means.

But at least one of the worst actors in sports today, Clay Bennett, has finally come clean and officially informed the league and all of us of his true intentions.

Its going to be cavernous in Key Arena this year for Sonics games. Now that the team owner basically just told the fans he'd rather be elsewhere, support for the team will likely plummet.

Hang on for the ride.