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Seattle Supersonics fan Kayla Rydberg, 5, holds up an "SOS: Save our Sonics" sign before the start of their game against the Dallas Mavericks at Key Arena, April 13, 2008. REUTERS/Anthony P. Bolante

LOS ANGELES (Reuters) - The Seattle SuperSonics will move to Oklahoma City next season after reaching a settlement, the team said on their Web site on Wednesday.

The city of Seattle will be paid $45 million up front and Sonics owner Clay Bennet will pay an additional $30 million in five years if the city is unable to secure another NBA team. The team's name and colors will remain in Seattle.

The announcement came just hours before a federal judge was to issue a ruling in a lawsuit between the city and the Sonics over the KeyArena lease. The city had sued the Sonics to try to force the team to continue playing in Seattle through the end of the lease in 2010.

"We made it. Congratulations, the NBA will be in Oklahoma City next season, playing their games," Bennett told a news conference in Oklahoma City.

NBA Commissioner David Stern released a statement.

"We are pleased that the Sonics and the city of Seattle have settled their litigation," it said.

"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."

The Sonics had played in Seattle since 1967, winning one NBA title in 1979.

(Reporting by Jahmal Corner; Editing by Ed Osmond)