Howard Schultz, the CEO of Starbucks Corp., and the former owner of the Sonics who sold the team to Clay Bennett has dropped his suit. As reported by The AP:

"As a result of these developments, our legal team and I no longer believe we can be successful with this litigation," Schultz wrote in a letter to former members of his ownership group, the Basketball Club of Seattle.

In a statement Friday from Oklahoma City, Bennett said, "We are pleased to now be able to move on. We look forward to an exciting future of NBA basketball in Oklahoma City."

Last week, U.S. District Judge Marsha Pechman ruled in Seattle that the NBA could intervene in the lawsuit. She also denied Schultz's motion to split the trial into two separate phases: a liability phase and, if needed, a remedy phase. The trial was scheduled for June 15.

Schultz went on to say that the city of Seattle’s settlement with the team, which allowed them to relocate to Oklahoma City, hindered his case. Schultz also believed that a long and protracted case would most likely anger the league, and interfere with efforts for the return of the NBA to Seattle.

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