Professional Basketball Club
On the 18th of July 2006, Howard Schultz led the Basketball Club of Seattle in selling two professional teams. The group included the SuperSonics and the Storm. This transaction followed a failed negotiation with the city of Seattle. City officials refused to approve a publicly funded $220 million expansion for KeyArena. Schultz had hoped for public money to renovate the arena. When that deal fell through, he turned to Professional Basketball Club LLC. Clay Bennett headed this new investment group. They purchased both franchises simultaneously. The sale marked the end of Schultz's ownership era in Seattle.
Legal battles erupted after the purchase was finalized. The team moved from Washington state to Oklahoma. Public funding disputes continued throughout the process. Fans protested the move across the Pacific Northwest. The franchise began play as the Oklahoma City Thunder during the 2008, 09 basketball season. This relocation made them the third NBA franchise to move in the 2000s. The transition involved complex legal challenges regarding venue rights. The team played its first games under the new name in Oklahoma City. The original SuperSonics identity ceased operations in Seattle.
Professional Basketball Club sold the women's basketball team on the 8th of January 2008. An ownership group consisting of four Seattle businesswomen took over the Storm. This transaction separated the WNBA franchise from the men's team. The decision allowed local owners to regain control of the women's program. The sale occurred before the Thunder began their first season in Oklahoma. This split ensured the Storm remained a Seattle-based organization. Howard Schultz had originally owned both teams together. The separation restored local ownership to one of the franchises.
On the 31st of July 2008, Professional Basketball Club purchased the Tulsa 66ers. This acquisition marked the third NBA Development League team owned by an NBA club. Previous examples included the Los Angeles Lakers and San Antonio Spurs. The team later became known as the Oklahoma City Blue. This expansion gave the investment group direct control over player development. It created a pipeline for talent between the major league and minor leagues. The purchase integrated the G League affiliate into the broader organizational structure. The move strengthened the management of professional basketball assets in Oklahoma.
In April 2014, George Kaiser bought Tom L. Ward's interest in the company. Jeffrey Records Jr. sold part of his stake to Clay Bennett at the same time. Two other members also changed their equity positions during this period. These transactions altered the balance of power within the investment group. The restructuring involved multiple partners adjusting their financial holdings. The changes reflected shifting dynamics among the original owners. Tom L. Ward exited the partnership entirely through this sale. The new arrangement solidified Bennett's leadership role in the organization.
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Common questions
When did Howard Schultz sell the SuperSonics and Storm to Professional Basketball Club?
Howard Schultz sold the SuperSonics and Storm on the 18th of July 2006. This transaction followed a failed negotiation with the city of Seattle regarding public funding for KeyArena.
Where did the team move after leaving Washington state under Professional Basketball Club ownership?
The team moved from Washington state to Oklahoma City. They began play as the Oklahoma City Thunder during the 2008, 09 basketball season.
Who purchased the women's basketball team from Professional Basketball Club in January 2008?
An ownership group consisting of four Seattle businesswomen took over the Storm on the 8th of January 2008. This decision allowed local owners to regain control of the women's program while the men's team relocated.
What NBA Development League team did Professional Basketball Club purchase in July 2008?
Professional Basketball Club purchased the Tulsa 66ers on the 31st of July 2008. The team later became known as the Oklahoma City Blue to create a pipeline for talent between the major league and minor leagues.
When did George Kaiser buy Tom L. Ward's interest in Professional Basketball Club?
George Kaiser bought Tom L. Ward's interest in April 2014. Jeffrey Records Jr. also sold part of his stake to Clay Bennett at the same time, altering the balance of power within the investment group.