Sonics Suggested Retail Price: $400 Million

Reported today in the Puget Sound Business Journal (Seattle), John Lombardo of the Sports Business Journal is purporting that the Sonics are setting their value at $400 million, according to a source.

"Seattle SuperSonics owner Howard Schultz has put a price tag of at least $400 million on his franchise, according to a source familiar with the proposal, a figure that positions the club to be sold for a record NBA amount despite its continuing financial struggles.

The potential sale is being handled by Goldman Sachs. Officials did not return calls for comment. Sonics officials also would not discuss the potential sale price." said Lombardo.

Lombardo also reports these items:
While talk of a Sonics sale continues, the team also is seeing changes in its front office. Chief Marketing Officer Mike Humes has resigned, effective May 31, leaving the team with a key vacancy in its sales management ranks. No replacement had been named for Humes as of last Thursday.

Humes joined the Sonics in 2004 after working for the NHL's Columbus Blue Jackets. Humes said he plans to stay in the sports marketing business.

Humes' departure comes after public relations chief Marc Moquin resigned last month.
Senior Director of Public Relations Valerie O'Neil is also leaving the team in June to take a similar job with Schultz's Starbucks operation.

Remember, you heard it here second, nice work John Lombardo of the Sports Business Journal.