Here's the AP story on some of Sonics owner Clay Bennett's testimony:

SuperSonics owner Clayton Bennett testified that he knew when he bought the team that it was losing money at KeyArena, but thought “perhaps we could turn that around.”

Under questioning from city of Seattle lawyer Paul Lawrence, Bennett said he was a “reasonably sophisticated” investor and diligently researched the team’s finances before his Professional Basketball Club bought it for $350 million in 2006.

Bennett characterized the team’s financial losses as “significant and ever-growing, but they would not significantly alter” his family’s lifestyle. He said he understood the Sonics would likely keep losing money as long as they played at KeyArena — the NBA’s smallest venue — but said he hoped a new arena deal would revive local interest in the team.

“We thought perhaps we could turn that around in the past year if in fact we had an arena development in process,” he said.

Lawrence asked him if he understood at the time that the team might not get a deal for a new arena.

“Didn’t understand it well enough,” Bennett quipped.

The city is asking a federal judge to force the Sonics to honor the final two years on the lease at KeyArena, saying the new owners were aware of the monetary risks when they purchased the Sonics and that they should not now be able to claim financial hardship to break the lease and move the team to Bennett’s hometown of Oklahoma City.

The team says it could lose $65 million if forced to keep playing at KeyArena for the next two seasons, but could make more than $18 million if allowed to play in Oklahoma.