As the Oklahoma City Thunder storm their way to game six of the NBA Finals, they have also closed a major deal with the Oklahoma City Council to remain in the city through 2053 and secure a new lease on their stadium.
According to KFOR News, the Oklahoma City Council views this deal as “one of the primary accomplishments of the city government.”
As the Oklahoma City Thunder storm their way to game six of the NBA Finals, they have also closed a major deal with the Oklahoma City Council to remain in the city through 2053 and secure a new lease on their stadium.
According to KFOR News, the Oklahoma City Council views this deal as “one of the primary accomplishments of the city government.”
The deal to keep the Thunder in Oklahoma includes a 115-page arena use license agreement and a $1 billion arena on the old Cox Convention Center property. Arena construction would be completed by 2028. To pay for the construction of the arena, the Thunder themselves would put forth $50 million and $78 million would come from a MAPS 4 fund. The remaining cost would be generated through local sales tax revenue.
On top of the $50 million construction price tag for the Thunder, the team would also pay $58,000 per home game in the arena. KFOR News reported that the “money generated from the rental fee will go to a capital improvement fund.”
The Thunder also secured a preferential rights agreement to redevelop the site of Paycom Center.
A spokesperson for the Thunder told News 9, “We’re excited at the opportunity to purchase and develop the current arena site. It will enable the Thunder to provide the vision for a sustainable and vibrant concept to enhance the area and seamlessly complement the new Paycom Center.”
It is likely that the old Paycom Center will be demolished within a few years of the new arena’s opening, despite the fact that Oklahoma City spent $20 million upgrading the arena in the past two years. However, city officials did confirm that “the new scoreboard and shiny new seats would be either salvaged or sold once the team moves into its new home.”
“What we’ve tried to do as we approach these agreements is to work it in a way that we help the team to be successful here but also incentivize the team through the contract to remain,” said Craig Freeman, city manager.
