Starbucks (SBUX) Chairman Howard Schultz, majority owner of The Basketball Club of Seattle, announced at a Tuesday night press conference in Seattle that his investment group is selling its basketball franchises: the NBA Seattle Supersonics, and the WNBA Seattle Storm.

Schultz said the reason for the sale was his group's inability to secure a solid economic future for the clubs working with Seattle and Washington state officials. Since Schultz feels his group cannot accomplish their goal of securing pro basketball's future in the city, they feel "new blood" might break the logjam.

Schultz has had a rocky and contentious tenure with the Sonics, but is certainly not the first entrepreneur to achieve great success in one area, only to become quite vexed and frustrated after purchasing a pro sports team.

Expressing his desire that the teams not be relocated, Schultz noted that the group first sought out a local buyer -- even if that meant accepting a lower sales price -- but couldn't find one.

Before introducing new owner Clay Bennet of Oklahoma, Schultz noted that his group also turned down higher offers than the one they ultimately chose, because the offers came from buyers who would immediately move the team out of state.

Bennet leads the Professional Basketball Club LLC, an investor group formed for the sale. Bennet is a former majority-owner of the San Antonio Spurs and has expressed desire bring pro basketball to Oklahoma City, but stated that his investment group is committed to keeping pro basketball in Seattle.

A disappointed and weary-sounding Schultz several times expressed his frustration with financial constrictions, and with what he characterized as local government's inability to help him reach a deal that would build the teams a new arena -- which his group has maintained for two years is needed for the teams to remain economically viable. Under questioning, he added that he believes political leaders in the state took his group for granted, which is why a new group might have a better chance changing the will of these leaders, who do not seem inclined to subsidize a new venue.

Bennet reiterated that he wants to keep the teams in the "greater Seattle area" provided of course it can be made "economically viable to do so."

The deal is reportedly worth $350 million -- $150 million more than Schultz's group paid for the teams five years ago. However, the teams have been losing around $18 million per year.