Eric Williams of the News Tribune writes:

U.S. District court judge Marsha Pechman rejected a motion filed by the Sonics, ruling on Tuesday she would not determine monetary damages for a buyout regarding the KeyArena lease between the city of Seattle and the Sonics. 

Steven Pyeatt of Save Our Sonics gives his take on SonicsCentral:

This means that if somehow Bennett and company win the case to break the lease there will be a separate trial to determine the cost they would have to pay to break the lease. This trial would take considerable time to play out so any hope of a move this year was squashed today.

This is a huge win as it will lock the team here for this upcoming season unless they can negotiate a settlement with the city that lets them out of the lease. Obviously that isn't going to happen so the team WILL be here for 2008-2009 meaning that the vote to relocate will expire and Bennett will have to re-apply at some later date if he still owns the team and wants to attempt a move.