Sonics' owner Clay Bennett testified on Tuesday and said that he feels he can absorb the team's losses, according to The Associated Press.

He admitted that he knew the team was losing money when he bought it back in 2006, but said he had hoped that a new arena deal would revive local interest in the team.

"We thought perhaps we could turn that around in the past year if, in fact, we had an arena development in process," he said.

The team says it could lose $65 million if forced to keep playing at KeyArena for the next two seasons but could make more than $18 million if allowed to play in Oklahoma.