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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.

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Howard Schultz sells Sonics and Storm originally appeared on BloggingStocks on Wed, 19 Jul 2006 07:31:00 EST. Please see our terms for use of feeds.

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