Featured image credit: Kerwin Moore/CC BY-SA 4.0/Edited for size
Oklahoma City (OKC) Mayor, David Holt, and the Oklahoma City Thunder have hailed the results of a public vote that is set to see the city retain the NBA basketball franchise on a long-term basis at a new arena that will be almost entirely publicly funded.
The key vote on the project took place yesterday (Tuesday), with Oklahoma City residents voting 71% in favour of the scheme. Voters approved a penny sales tax to build a new, publicly owned downtown arena, securing OKC as home to the Thunder beyond 2050. “Tonight, we told the nation, we told the world, that Oklahoma City is and shall remain a Big League City,” said Holt.
The vote was set up after OKC Council in September approved a letter of intent with the team. Earlier in the month, an initial deal was struck for a new downtown arena between the Thunder and the City Council.
The letter of intent set in motion the plan to retain the Thunder beyond 2050 and called a citywide election for December 12 on the subject of building a new, publicly owned downtown arena. The new arena was the primary condition for securing the long-term commitment from the team.
The proposed new $900m (£719.3m/€835.2m) arena is proposed to be funded in part by a 72-month, one-cent sales tax that will start when the current MAPS 4 tax ends, with city officials claiming this will not increase the sales tax rate.
In the letter of intent, the Thunder’s ownership group agreed to keep the franchise in Oklahoma City beyond 2050, while contributing $50m toward the cost of the new arena. In addition to the 72-month one-cent temporary sales tax and team contribution, the arena will be paid for with $70m in MAPS 4 funding.
The Thunder will play all home games at its current Paycom Center home until the new arena is ready to move in, no later than the start of the 2029-30 NBA season. The Thunder’s 25-year commitment to remain in Oklahoma City begins when they move into the new arena.
The City has agreed to spend a minimum of $900m on the arena. The new arena will be built downtown, but the exact location has not been determined, nor have any design plans been unveiled.
Paycom Center is the smallest in the NBA by square footage, has the second-smallest capital investment of all NBA arenas, and at 21 years old, it is increasingly within range of the oldest arenas in the entire NBA.
The City had argued that Paycom Center is not capable of securing a long-term lease with an NBA team. Meanwhile, it has pointed to the fact there are US markets larger than Oklahoma City that don’t have an NBA team, some of which already have or are planning an NBA-ready arena.
The Thunder has called Oklahoma City home since relocating from Seattle in 2008. The City signed a 15-year lease agreement with the Thunder, and last year the team activated a further three-year option, ensuring its future at Paycom Center until at least 2026 and granting the City further time to develop a new arena plan.
Commenting on yesterday’s news, Clay Bennett, chairman of Oklahoma City Thunder, said: “We are deeply grateful for the confidence and pride our citizens have expressed in the future of our city. We also appreciate Mayor David Holt for his leadership and relentless passion to elevate Oklahoma City at all levels.
“With this project we will be doing more than just building a world-class sports and entertainment complex, we will be propelling Oklahoma City toward the next generation. This new home for the Thunder will serve as an iconic centrepiece of our vibrant and modern downtown and continue to represent the values of our city and its people.
“As we take the next step in this historic journey, I am particularly grateful and energised by what this means for our city’s young people and the Oklahoma City they will lead and enjoy over the coming decades.”
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