The NBA's Seattle SuperSonics will play in Oklahoma City next season after a deal was done to relocate the team.
The city of Seattle will be paid $45m, and Sonics owner Clay Bennett will pay an additional $30m if the city cannot secure another NBA team in five years.
The city had sued the Sonics to try to force them to continue playing in Seattle through to the end of the lease on their KeyArena home in 2010.
The Sonics had played in Seattle since 1967, winning one NBA title in 1979.
Bennett, who hails from Oklahoma, said: "We made it. Congratulations, the NBA will be in Oklahoma City next season."
NBA commissioner David Stern said in a statement "We are pleased that the Sonics and the city of Seattle have settled their litigation.
"While the decision has been made to relocate the Sonics to Oklahoma City, the NBA continues to regard Seattle as a first-class NBA city that is capable of serving as home for another NBA team."
Bennett was active in bringing the NBA's New Orleans Hornets to his hometown in the 2005-06 and 2006-07 seasons after New Orleans was hit by Hurricane Katrina.
Oklahoma City, the 30th largest city in the US, currently has no teams in either the NBA, NFL, NHL or Major League Baseball.
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