Seattle, WA -- (Sports Network) - The Seattle SuperSonics and the city of Seattle have reached a settlement in their tempestuous KeyArena lease dispute, just hours before a U.S. District Court judge was to rule in the case.

The settlement was announced by Judge Marsha Pechman on the U.S. District Court for the Western District of Washington's Web site but details of the agreement will be released by the parties.

Professional Basketball Club (PBC) LLC, an Oklahoma City investment group led by Clay Bennett, purchased the Sonics last year and has attempted to buy out the final two years of their lease and pay off the remaining bond debt at KeyArena.

Bennett, a native of Oklahoma City, made the move with the intention of moving the franchise to his hometown at the end of the current season, but the city of Seattle filed the lawsuit against the team in an attempt to hold the Sonics to the terms of the lease.

The Seattle Times is reporting the two sides have been discussing a deal that would let the Sonics move to Oklahoma City in exchange for up to a $75 million payment to the city. Bennett would not have to pay the entire amount if the city gets another team, however.

The city of Seattle has scheduled a news conference at 8 p.m. (et) Wednesday, the same time Bennett has scheduled a news conference in Oklahoma City.