Basically boils down to: billionaire owner doesn’t want to pay any money to build a stadium but wants the city to put up a $750 million to develop an old shipping terminal for a stadium and ancillary stuff that the team keeps all the money. It’s says no thanks but we can negotiate. During this time, owner sends president out to Vegas to secure political support and find site locations. Billionaire owner claims poor, offloads all good players, and then complains of losing money/not getting support as a way to show why he needs to move. Then he buys land in Vegas and the city says time to stop negotiating since there is no good faith. Just a total sham for a rich asshole to go get some taxpayers to pay for his stadium.
Also everyone: watch Sonicsgate so you can know the playbook since it was used on us to move the Sonics to OKC.
The fans of the Sonics were done dirty by everyone involved. The idea of publicly funded stadiums has turned more sour, especially since the 08 recession, but you still see it in some states like Wisconsin right now with the Brewers park.