Seattle SuperSonics sold

A surprising development today:

The Seattle Sonics, the city's first major professional sports franchise, have been sold to an ownership group in Oklahoma City, sources close to the team say.

The National Basketball Association team has scheduled a news conference for 3 p.m today and wasn't commenting publicly before then. Mayor Greg Nickels planned to speak to reporters at 4 p.m.

The city plans to hold the Sonics to their lease, which expires in 2010, said Nickels' spokeswoman Marianne Bichsel.

The owners of the Sonics have said they've lost millions of dollars in recent years because their venue is too small and outdated and the lease terms are unfavorable.

Hard to say what will happen now: it seems we'll have to wait for the news conference later this afternoon.