In a significant move for the future of basketball in Oklahoma City, the City Council has approved a series of agreements that will effectively secure the Thunder’s presence in the city until at least 2053. This decision lays the groundwork for a new era, as the Thunder prepare to transition into the upcoming $1 billion Paycom Center, set to open its doors in 2028.
The latest agreements not only focus on the construction and operation of the new arena but also provide the team’s ownership with the option to purchase and develop the site of the current arena. It’s a savvy maneuver that opens the door for future development, enabling the Thunder to expand their footprint in the community.
Under this 25-year agreement, which includes the potential for five three-year renewals, the financial terms are designed to keep the Thunder firmly rooted in Oklahoma City. While the public may hear the excitement about a long-term presence, it’s worth noting that the Thunder would face serious financial repercussions should they consider departing early. For instance, if they were to leave within the first five years of moving into the new Paycom Center, they’d be on the hook for a hefty $1 billion. That penalty decreases to $850 million if they were to leave between years six and ten, reflecting the city’s commitment to ensuring the team remains an integral part of the community.
As part of the agreement, the Thunder will pay $58,000 per game for the use of the new arena, with anticipated increases annually. This arrangement allows the team to maintain control over the building’s naming rights, further establishing their brand as they move into this new facility.
Team spokesman Dan Mahoney expressed enthusiasm about the developments. “We’re excited at the opportunity to purchase and develop the current arena site,” Mahoney stated. “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.”
With this proactive approach, the Thunder and the city are not just planning for the next few decades; they’re building a legacy and reinforcing Oklahoma City as a core destination for NBA basketball. This partnership signifies a commitment that will resonate with fans and the community, ensuring that plenty of thrilling basketball moments await in the years ahead.
