From the Associated Press:

NBA owners have approved the Seattle SuperSonics' move to Oklahoma City for the 2008-09 season, pending the resolution of litigation between the team and the city of Seattle.

The Sonics could begin playing in owner Clay Bennett's hometown as early as next season if they can get out of the remaining two years of their lease at Key Arena.

Seattle has filed suit trying to force the Sonics to remain in the city until the lease expires in 2010, while Bennett wants to buy out the remainder. The city already has rejected Bennett's $26 million to settle the lease dispute. A trial is set to begin in federal court June 16.

"It really doesn't feel like it's over here yet," Sonics forward Nick Collison, who owns a home up the hill from KeyArena, said before the vote was taken. "There's still a lot of things to do."

The Seattle Times' Percy Allen reports Paul Allen and Mark Cuban were the only owners to vote against approving the move. 

On SonicsCentral, much is being made of the "pending the resolution of litigation" stipulation. Steve writes:

Very important distinction there.

Mark Cuban and Paul Allen are smart businessmen.

Remember a league is only as strong as its weakest franchise.

No settlement, no buyout, do not pass GO, do not collect $200.

See you in court Clay.

ESPN's Chris Sheridan is on the scene, and I look forward to his thoughts. I have also been keeping an eye on the Seattle Times' Sonics blog, SonicsCentral, and SuperSonicSoul.

Here's video of David Stern in what I could call "glum but firm" mode.