Seattle is one step closer to reclaiming the Sonics.
The NBA’s Board of Governors has approved a vote for the basketball league to explore bids and applicants for expansion.
ESPN was the first to report the news, which the league confirmed shortly thereafter.
The approval is for teams exclusively in Las Vegas and Seattle.
The bidding process is expected to generate offers in the $7-10 billion range for each team.
This announcement is a major step towards bringing professional basketball back to Seattle after almost two decades, but it is just the beginning.
So, what comes next? According to ESPN, the NBA will examine Seattle and Las Vegas bids over the next several months, and determine whether to move forward with the new franchise purchases now or in a few years.
Here is the full statement from the NBA:
The original team relocated to Oklahoma City in 2008, becoming the Thunder, after ownership failed to secure funding to keep the team.
KIRO 7 News will be going on air and streaming beginning at 11:30 a.m. today with more information about the announcement.
You can view all of our previous coverage of the Sonics here.
This is a developing story and will be updated when more information becomes available.