City Council Approves Agreements To Keep Thunder In Oklahoma City

The Oklahoma City Council approved a series of agreements during its Tuesday meeting aimed at keeping the Thunder in Oklahoma City through at least 2053, Jordan Gerard and Steve Lackmeyer of The Oklahoman report.

The agreements regarding the Thunder’s new arena, the $1 billion Paycom Center, will give the team’s owners an option to buy and develop the current
arena property while also setting terms for food and beverage operations, parking, naming rights and multiple other aspects of game days and concert events.

The new Paycom Center is slated to open in 2028. The current Paycom Center opened in 2002.

The 25-year agreement includes the option of five three-year additional renewals for the team. The city’s mayor,  David Holt, tweeted out that “we have officially secured our Thunder in Oklahoma City till at least 2053.”

That’s not entirely true but the Thunder would have to pay a major penalty to leave the city before that date.

If the team leaves Oklahoma City in the first five years after moving into the new Paycom Center, the agreements would require the Thunder to pay the city $1 billion. If the team leaves in years 6-10 after the move, they will pay the city $850MM. The scale continues for 25 years.

The Thunder will initially pay the city $58K per game to use the building with annual increases. The team will retain control of the building’s naming rights.

A provision in the agreements that would allow the Thunder to buy and develop the current arena site. Team spokesman Dan Mahoney confirmed the team is interested in development of the property.

“We’re excited at the opportunity to purchase and develop the current arena site,” Mahoney said. “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.”