Oklahoma City ? After weeks of speculation, Oklahoma City’s new NBA franchise revealed Wednesday that the team would be called Thunder.

A group of children and team members pulled down a curtain at a news conference Wednesday to reveal a large team banner as the AC/DC song “Thunderstruck” was played.

Team chairman Clay Bennett said the team colors will be blue, red and orange – blue to coincide to with the main color of Oklahoma’s state flag and red and orange to reflect the colors of the sunset.

Bennett announced July 2 that the SuperSonics would be moving to Oklahoma City as part of an agreement that settled a lawsuit with a payment of up to $75 million to the city of Seattle. The settlement ended a contentious six-day trial.

Bennett agreed to pay $45 million to Seattle immediately to break the team’s lease at KeyArena and the possibility for another $30 million if the state approves funding for a new arena but Seattle doesn’t get a new NBA franchise.