SuperSonics Sold to Locals

The Seattle SuperSonics are being sold for $200 million to a local investment group headed by Howard Schultz, founder of the Starbucks coffee chain.

In addition to Schultz, the purchasing group includes President and General Manager Wally Walker. Other investors were not immediately identified.

The Ackerley Group, which bought the team for $22 million in 1983, will use proceeds from the sale to pay down debt, the company announced after the close of the stock markets.

“Not only does this allow us to unlock the value of this asset, which has appreciated significantly during our ownership, but it also allows us to reinvest the proceeds from the sale in our higher margin media segments,” company founder Barry Ackerley said in a news release.

“We have truly enjoyed our tenure as the owners of the Sonics, however this particular transaction is the right thing for our shareholders. The added benefit is that the team will remain in Seattle,” Ackerley said.

The NBA Board of Governors must approve the sale. A vote could come at its next meeting March 29-30.

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New Jersey’s Kenyon Martin leads a group of first-year players selected by the NBA to compete in the Rookie Challenge during All-Star weekend in Washington.

Martin, the first overall pick in the 2000 draft, is joined on the rookie team by Golden State’s Marc Jackson, Toronto’s Morris Peterson, New Jersey’s Stephen Jackson, Orlando’s Mike Miller, Chicago’s Khalid El-Amin and Detroit’s Mateen Cleaves. Darius Miles and Quentin Richardson of the Clippers also were selected.

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Cleveland Cavalier forward Matt Harpring had surgery on his left ankle and is expected to miss at least six weeks. The surgery was Harpring’s second in five months. Harpring is averaging 11.4 points in 28 games this season.