The city of Seattle officially terminated the lease for Key Arena on Monday, paving the way for the team formerly known as the SuperSonics to make their way to Oklahoma City, the Seattle Times are reporting.

In return for the termination of the lease, the city will receive $45 million.

"This is not the optimum solution anyone was hoping for," council President Richard Conlin said. "The optimum solution would have been for the team to stay here, but that did not seem to be an option."