Thunder: New Arena Plans to Keep Team in OKC For Multiple Decades
As Oklahoma City residents wondered what the future of the Thunder could be, conversations of a new arena have been discussed for the past 14 months publicly. OKC Mayor David Holt has been talking about what the next step for the franchise could be, and why a new arena is so important to keep the team in Oklahoma City long-term.
The primary topics when discussing a new arena were about potentially increasing tax rates and how much Thunder ownership would contribute.
With an upcoming vote on Dec. 12, a new arena would come to Oklahoma City as early as the 2029-30 season without increasing the tax rate if it is approved, which was announced today.
According to this release, a plan has been finalized to construct a new downtown arena that will keep the Thunder in Oklahoma City beyond 2050. The arena itself would cost a minimum of $900 million, with ownership chipping in $50 million.
The majority of the funding will come from three primary sources, as announced by the City of OKC in the release:
- A temporary one-cent sales tax lasting 72 months that will begin after the expiration of the current MAPS 4 one-cent sales tax, with no tax rate increase.
- At least $70 million from MAPS 4 that was previously earmarked for OKC’s downtown arena.
- A $50 million contribution by the owners of the Oklahoma City Thunder toward the publicly owned arena.
MAPS 4 is meant to address quality of life, especially human and neighborhood needs in OKC, with multiple billion dollar rounds of funding approved by voters. Now, residents have the opportunity to invest in Oklahoma City's economic growth, helping to ensure the continued success of all other initiatives with this arena.
Oklahoma City Thunder Chairman Clay Bennett issued a statement on this significant development that could change the future of the franchise forever.
"For fifteen years the Thunder has been honored to help lead the transformation of Oklahoma City and enhance the tremendous pride our citizens have in their community. We now have an opportunity to build on that progress, advance our status as a true big-league City, continue to grow our economy and secure the long-term future of the Thunder. We look forward to continuing our partnership with Mayor Holt, members of the City Council, and the forward-thinking business and civic leaders in our community. Together we can develop an arena to serve as a crowning achievement in the ongoing renaissance of Oklahoma City.”
On Dec. 12, voters will have the opportunity to make this official, which would keep the Thunder in Oklahoma City through at least 2050, as agreed upon by the city and the team. This commitment is great news for a small market and the future success of the team.
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