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 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 Okla...

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