CAA Icon has been appointed to provide professional consulting services for the design and construction of a new arena for NBA franchise the Oklahoma City Thunder.
Oklahoma City Council has approved the appointment of the strategic management consulting arm of CAA Sports ahead of the imminent selection of an architect for the project. CAA Icon’s contract is worth up to $18m (£13.5m/€16.1m), according to Fox 25.
“The construction of the arena is an extremely important four-year-long project for the City,” said David Todd, director for the City of Oklahoma City. “It requires more manpower and specific expertise in professional event facility design and construction than what the City has.”
The arena will be built on the City-owned site where Prairie Surf Media, formerly known as the Cox Convention Center is located. The existing building is expected to be demolished in 2025.
The Council in May approved a development agreement for a new $900m arena. The agreement between the City and PBC Sports and Entertainment (PBCS&E), owners of the Thunder, came after voters approved funding for the new arena in December.
The City will own and be responsible for maintaining and operating the new arena. The Thunder will continue to play home games at Paycom Center until the new arena opens, with a target completion date of June 2028 and a contractual obligation to open the new arena by June 2030.
Paycom Center is the smallest in the NBA by square footage, has the second-smallest capital investment of all NBA arenas, and at 22 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 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 in 2022 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.
The Thunder’s 25-year commitment to remain in Oklahoma City will begin when they move into the new facility, which will be the fourth downtown arena in city history constructed by the public.
