Subsequent to the ballot initiative, City officials and Sonics ownership announced a preliminary agreement to move the Sonics franchise to Oklahoma City and the Ford Center. The deal included a provision for $1.6 million in annual rents to the City for use of the Ford Center (including marketing rights of luxury seating areas for all NBA and most non-NBA events), and a $409,000 annual supplemental payment in exchange for a transfer of arena naming rights and associated revenue to the Sonics franchise. The franchise move was approved by NBA ownership on April 18, 2008.