Former Sonics owner Howard Schultz, who sold the team to Oklahoma City investors led by Clay Bennett, has hired a lawyer and is preparing to file a lawsuit against Bennett to rescind the July 2006 sale, the Seattle Times is reporting.
"The damages that are being sought is to rescind, unwind the transaction," said attorney Richard Yarmuth, who confirmed that his firm has been hired to represent Schultz.
"It's not money damage. It's to have the team returned. The theory of the suit is that when the team was sold, the Basketball Club of Seattle, our team here, relied on promises made by Clay Bennett and his ownership that they desired to keep the team in Seattle and intended to make a good-faith effort to accomplish that."