Here's the full transcript from today's press conference

COMMISSIONER DAVID STERN: You know, we've just concluded two days of meetings of the NBA Board of Governors. It was a very productive meeting. There was a fair amount of reporting that had to be done with respect to the season which we just completed, the exciting basketball that we finally had a chance to talk about; new teams in the playoffs, the exciting race in the West, and the increase in our television ratings across all of our networks, local regional sports networks and local over the air stations. It was the first time in a long time that we were up across the Board in all five categories.

You know, we spent some time briefing the owners on our China initiatives and the opportunities for extraordinary growth in retail and arenas and progress being made with respect to negotiations and discussions about a league in China at some time in the future.

We had a relatively extensive report on NBA Digital, which is going to be run out of Atlanta in a joint venture with Turner Broadcasting, which will include NBA TV, which is being programmed with Turner talent and Turner expertise; NBA League Pass and NBA.com and NBA Wireless all under the name of NBA Digital, which is going to have extraordinary resources behind it, compliments of Turner.

We passed an enhanced revenue sharing program for our teams last year, and the program currently expired was $30 million a year of additional revenue sharing beyond what we do, and for the next three years, it will be $49 million, and that was passed by a large margin.

And finally, the NBA Board of Governors approved the move of the Sonics to Oklahoma City pending resolution of the litigation that is now pending to determine whether the Sonics are required to play out the remaining two years of their lease; or, whether they are authorized by the court to fulfill the terms of the lease by making a payment of rent without playing out the remaining two years of the lease.

You know, we think that the support for the NBA demonstrated by the fans, government leaders and business community of Oklahoma City over the last three years has been extraordinary, and that the Board of Governors expressed confidence that the level of local support will result in success for the relocated franchise in Oklahoma City whenever that is.

I'm happy to take questions.

Q. What was the vote today, and if there were some people who didn't vote in favor, what were their concerns?

COMMISSIONER DAVID STERN: Actually the vote was 28 in favor and two against; the two teams that voted against it were Dallas whose principal owner is Mark Cuban, and Portland, whose sole owner is Paul Allen.

Q. And their concerns?

COMMISSIONER DAVID STERN: I think that Mark's concerns have been expressed in the media and about market size and the like and, you know, that's it. Portland simply voted no and did not express any expressed itself, but we knew they were going to be voting no.

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Some responses from Sonics chairman Clay Bennett culled from the new conference this afternoon.

ON WHAT SEATTLE MUST DO FOR THE NBA TO STAY:

“It’s my opinion that until such time that there is a unified, visionary committed business and political leadership focused on this issue, it’s going to be very tough. Seattle is a great city, with great fans. There is a great history. Seattle should potentially be a future opportunity for the league. But a modern building must be built to attract a team.”

ON WHAT WENT WRONG INITIALLY WITH HIS DEALING WITH THE CITY OF SEATTLE:

“I think about that a lot. And when I go back I recall my first meetings and we were not engaged, we were not connected. Right on the heels of our purchase I-91 comes down the pike. And that was certainly as strong as a political statement relative, as it is a statement and view on public financing clearly meant to affect our process.

“So it was just almost one struggle after another. In that context I think back to Margarita Prentice and Eric Pettigrew, courageous people that did believe in us and tried to help us. And other local leaders that did try to engage with us. We felt at certain times we did have some credible movement, but we were just challenged every step of the way.”

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NBA officials have said the press conference could be pushed back to as late as noon Pacific time. Apparently there still some things to work through.

I tried to post this earlier but was unsuccessful but here's my conversation with Brian Robinson earlier today.

NBA TV and nba.com will carry the press conference live. Last I've been told by NBA folks is the press conference will take place between 1 p.m. and 2 p.m. Eastern Time, which means about 10 a.m. to 11 a.m. back in the Seattle area.

NBA Commissioner David Stern and Sonics chairman Clay Bennett will speak during the press conference.

I talked to Mark Rupp, a representative of Gov. Chris Gregiore's office who works in Washington D.C. and is here to represent the governor. Rupp said he has not had a chance to speak with anyone from the NBA, but that Gregoire still believes it is important to keep a team in Seattle.

I also spoke with Brian Robinson of Save Our Sonics, who is not being allowed in the hotel because he doesn't have media credentials. Robinson said he thought it was important for a representative of Sonics fans to be here so the NBA understands its decision affects fans in Seattle.

I’m here at the owner’s meeting at the St. Regis Hotel, and it sounds like they’re putting a wrap on things and will have a press conference to discuss the vote on the Sonics relocation application, among other things, in the next hour or so. But again, that’s not an official announcement by the league.

Several local media outlets are here, including KIRO-7 and KING-5, along with myself and Percy Allen from the Seattle Times.

And the Sonics fans have a representative here as well, as Brian Robinson of Save Our Sonics made the trip, outfitted in Sonics gear, and is hanging around outside the St. Regis Hotel.

Gov. Chris Gregoire also has a representative here.

I think the announcement that the press conference coming early means what most of us thought all along – that the ownership decided to approve the relocation application pretty handily, with the stipulation of what happens in federal court on June 16 between the City of Seattle and the Sonics regarding the KeyArena lease agreement.

I’ll post audio of David Stern’s conversation after the press conference, along with a response from Sonics chairman Clay Bennett if he is available, and other folks affected by the decision.