Detroit, MI -- (Sports Network) - The three-time WNBA champion Detroit Shock are officially leaving Motown and heading to Tulsa, Oklahoma.

WNBA President Donna Orender announced Tuesday the team will be owned by a group of investors led by Oklahoma businessmen Bill Cameron and David Box. The transfer of ownership and move are pending an approval by the WNBA Board of Governors.

It was also announced that Nolan Richardson, former men's basketball coach at Arkansas and Tulsa, will become the team's head coach.

"We are thrilled to have a team in Tulsa with such a strong championship pedigree, and we look forward to continuing the tradition of success that has been its hallmark," said Cameron, lead investor and chairman of Tulsa Pro Hoops, LLC. "We are confident this team will make Tulsa proud, both on the court and in the community."

The Shock entered the WNBA in 1998 and took home the league title in 2003, 2006 and 2008, while advancing to the Eastern Conference finals this past year. They will become the second pro basketball franchise to relocate to Oklahoma, as the Thunder arrived in Oklahoma City from Seattle prior to the 2008-09 season.

A letter from Tom Wilson, president of Palace Sports & Entertainment, was posted on the Shock's website to announce the transfer of ownership.

"I would like to thank you for your support and dedication for our team. Over the past 12 years -- from our days as a new franchise to the difficult initial years to seven straight playoff appearances to our three championships -- the Shock and their fans have experienced the kind of relationship that few teams are able to enjoy.

"Unfortunately, as with the majority of businesses in our area, the current state of the economy has presented us with incredible challenges. We, like many of you, have had to make some very difficult decisions -- ones we hoped we never had to make -- and sadly, this move to Tulsa is one of those decisions," the letter said.

Once the move goes through, the Shock will set down roots in a city of only 385,000 people, which is the second smallest market in the league next to Uncasville, CT.