Schultz remains a highly visible chairman, toying with the company's music program and cheering on the Seattle Supersonics basketball team he owns.
Such a threat came true in basketball when the Seattle SuperSonics moved to Oklahoma City in 2008 after failing to get a new publicly-funded arena.
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Fans of the Seattle SuperSonics, the beloved NBA team whisked away to Oklahoma City in 2008, will soon have reason to stand up and cheer.
The city had once been home to the Seattle SuperSonics, which was founded in 1967 and remained in Seattle until 2008, when the team was moved to Oklahoma City and became known as the Thunder.
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The goal is to block a bid by investor Chris Hansen and Microsoft CEO Steve Ballmer, who have a pending deal with the Maloofs to buy the Kings, move the team to Seattle and restore the SuperSonics name.
Hansen hoped to move the team to Seattle and rename it the SuperSonics, who moved to Oklahoma City and renamed the Thunder in 2008.
The NBA has been enamored with a team moving to Seattle to replace the SuperSonics, who relocated to Oklahoma City in 2009 and were rechristened the Thunder.
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Pending approval from the NBA Board of Governors, the team would move to Seattle and play its first season as the SuperSonics this fall.
It can send a team packing, as was the case in Seattle where a deal could not be reached to replace Key Arena and the Supersonics ultimately relocated to Oklahoma City.
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In 1967, Seattle was granted an NBA expansion team, the SuperSonics.
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Hansen's goal has been to return the SuperSonics to the Puget Sound after they were moved from Seattle to Oklahoma City in 2008.
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