Thunder agree to remain in Oklahoma City through at least 2050

The Oklahoma City Thunder have agreed to remain in Oklahoma City through at least 2050, after voters on Tuesday approved a 1% sales tax for six years to help fund a new downtown arena for the Thunder that is expected to cost at least $900 million.

The Oklahoma State Election Board reported that an estimated 71% of voters approved the plan. This scheduled vote is “the example of the connection between the team, fans and the community,” NBA Commissioner Adam Silver said in a statement.

Per multiple NBA betting sites, the Thunder hold 13th-ranked odds to win this season’s championship. Sportsbooks are showing better odds for the Minnesota Timberwolves and Dallas Mavericks.

Voters have approved the proposal to fund a new $900 million downtown arena in Oklahoma City.

It will keep the Thunder in OKC through 2050. pic.twitter.com/rct9c32SQp

— Front Office Sports (@FOS) December 13, 2023

“We are grateful to the people of Oklahoma City for the confidence they have shown in both the Thunder and the NBA as we embark on a new era of global sports and entertainment,” Silver said.

The Thunder’s ownership group will contribute $50 million toward construction of the new arena, per sources. The deal also calls for $70 million in funding from a sales tax approved by voters in 2019 for upgrades to the existing Paycom arena.

Oklahoma City Thunder agree to remain in “The 405” through at least 2050, new arena to be built by 2029?

Oklahoma City Mayor David Holt and officials from the Greater Oklahoma City Chamber of Commerce endorsed the proposal. The NBA team plays an important role in maintaining and facilitating the city’s growth and economic development.

“We told the nation, we told the world, that Oklahoma City is and shall remain a Big League City,” Holt said in a written statement following the vote.

On Sept. 12, the Thunder unveiled plans to build a new arena in time for the 2029-30 season, if not sooner.

Today is one of those exciting days in the life of our city. After 14 months of very public discussions, we have a finalized plan to build a new state-of-the art arena without raising taxes, and a commitment from the Thunder to play in that new arena beyond 2050. (1/3)

— Mayor David Holt (@davidfholt) September 12, 2023

The plan for the new arena relied on the Dec. 12th vote by OKC residents to pass the temporary 1% sales tax, which is an extension of the MAPS 4 tax. At least $70 million will come from MAPS 4 for the new arena.

Furthermore, the Thunder ownership’s $50 million (approximately 5.5%) commitment toward the new arena in downtown Oklahoma City covers just the minimum construction cost.

Paycom Center, the Thunder’s current arena, broke ground on May 11, 1999. The estimated construction cost back then was $89.2 million ($164.38 million in 2023).