BEIJING, July 3 (Xinhuanet) -- The Seattle SuperSonics of NBA will move to Oklahoma City next season after reaching a settlement, the team said on Wednesday.

    The city of Seattle will be paid 45 million U.S. dollars in advance and Sonics owner Clay Bennet will pay an additional 30 million U.S. dollars in five years if the city is unable to have another NBA team.

    The team's name and colors will remain in Seattle.

    "We made it. The NBA will be in Oklahoma City next season, playing their games," Bennett said in Oklahoma City.

    "While the decision has been made to relocate the Sonics to Oklahoma City, the NBA continues to regard Seattle as a first-class NBA city that is capable of serving as home for another NBA team," NBA Commissioner David Stern said in a statement.

    The Sonics has played in Seattle since 1967, winning one NBA title in 1979.

    (Agencies)