From The Seattle Times tonight:

OLYMPIA – The Sonics' proposal for a $500 million taxpayer-subsidized arena in Renton appears dead, prompting Sonics owner Clay Bennett to say tonight there is "little hope" the team will remain in the area.

Emerging from closed-door negotiations in Gov. Christine Gregoire's office this evening, key lawmakers said no action would be taken on the proposed arena before the Legislature adjourns this weekend.

"This [is] a staggering and quite likely a debilitating blow to our efforts to develop a world-class arena facility," Sonics owner Clay Bennett said in a written statement. "Clearly at this time the Sonics and Storm have little hope of remaining in the Puget Sound region."

. . .

All I can say is: I saw this coming and Mrs. Amber Gunn got it dunn with her Valentines' Day present.