Per a 2008 legal settlement, the city of Seattle has the rights to the SuperSonics name, logo, and colors. They will also retain all records prior to 2008 including 1979 championship and jersey retirements.
At the time, I remember the one silver lining of the very acrimonious split was that the city retained the SuperSonics name, logo, and history, which left open the door for their return.
I’ve been watching the NBA for over 50 years and was really sad to see them go. The news today of their potential return is to me one some of the best news of the season.