The Oklahoma City Thunder will continue to call OKC home, thanks to the recent approval of a one-cent tax extension in Tuesday’s election, designated for constructing a new arena.
An impressive 71% of the 57,926 voters voiced their support for the proposed arena.
After extensive deliberation spanning over a year, the Thunder is on track to move into a new venue, replacing the Paycom Center, their home since 2008.
The approved arena plan details a $900 million budget for the publicly-owned facility, with Thunder ownership contributing $50 million, and an additional $70 million anticipated from the MAPS 4 project.
Upon completion, the Thunder has committed to a 25-year lease, aiming to have the new arena operational by the 2029-30 season.
In response to the election outcome, Thunder owner Clay Bennett issued a statement.
NBA Commissioner Adam Silver has issued a statement regarding the approval of the new arena:
The Thunder began their Oklahoma City journey at Chesapeake Energy Arena in 2008, now known as the Paycom Center. Originally built in 2002 and named the Ford Center, it stands today as one of the NBA’s older and smaller arenas.
Earlier this year, the initial 15-year term expired, prompting OKC to secure a short-term deal valid until 2026. This interim solution was a strategic move, deferring decisions in anticipation of a more favorable long-term arrangement.
The recent approval indicates that Oklahoma City is poised to remain a basketball hub until 2050. While the deal’s terms may not have been perfect, this commitment ensures the city’s continued transformation from a once-small and relatively quiet place to a thriving, underestimated metropolis.
Outstanding story! I am excited that we’ll continue to be proud of The Thunder and continue to grow the entertainment venue in Oklahoma City.