SEATTLE - Seattle SuperSonics president Wally Walker said Thursday he will resign when the club's sale is completed Tuesday.

In this July 18, 2006 file photo, Oklahoma City businessman Clay Bennett smiles as he holds up a Seattle SuperSonics NBA basketball jersey that was presented to him by fomer Sonics owner Howard Schultz in Seattle. NBA owners unanimously approved the sale of the SuperSonics on Tuesday to a group headed by Bennett, who says he wants to keep the team in Seattle. [AP]

"I've enjoyed more than 19 years with the Sonics' organization in a variety of roles and the last 12-plus years as a minority owner," Walker said in a statement from the team. "I'm humbled by the opportunities and experiences I've had with the Sonics, and I'm very proud of this organization,"

Walker became team president and CEO in 2001 and also was a member of the Basketball Club of Seattle LLC, the previous owners headed by Starbucks chairman Howard Schultz.

Walker's departure has been speculated since the sale of the Sonics to Oklahoma City businessman Clay Bennett's Professional Basketball Club LLC. The sale was approved by the NBA Board of Governors on Tuesday and the transaction will be finalized Oct. 31.

"I want to express my deep appreciation to Wally for his many valuable contributions to the Sonics and Storm over an impressive 19-year career," Bennett said. "We will always consider him a part of the family, and know he will share in what we believe will be a great future for the organization. We wish him and his family the very best."

As a player, Walker spent five seasons with the Sonics from 1977-82. He returned to the organization in July 1994 as general manager.