The Oklahoma City Council has locked in the future of their NBA team, the Thunder, ensuring that their hoops will echo in the city through at least 2053. Yesterday marked the approval of four pivotal agreements, which includes the Arena Use License Agreement, and reinforces the bond between the city and its beloved basketball franchise. The long-term commitment offers a solid foundation for both the team and the city's sports identity.
"Becoming a big league city has changed us forever, as the last few weeks have reminded us," Oklahoma City Mayor David Holt admitted during the announcement. According to the Oklahoma City official website, Holt commended all involved, from team ownership to the voters, for their efforts in cementing this deal. This isn't just a nod to the present; it's a blueprint for the city's next three decades or more.
The primary piece of this sports saga is the Arena Use License Agreement, involving Oklahoma City, arena operator SMG/ASM Global, and the Oklahoma City Thunder. This arrangement spans for 25 years, with options for renewals, commencing when the Thunder steps into the new Paycom Center in 2028. However, the deal awaits the green light from the NBA before lifting off. A stiff financial penalty has been set for the Thunder should they decide to part ways with OKC prematurely, escalating as high as $1 billion if they exit within the first five years post-move.
In terms of cold, hard figures, the Thunder will shell out $58,000 per game to use the Paycom Center. Those payments will go up annually after year five but won't overstep the bounds of 3% of the Consumer Price Index. As for the arena itself, the City holds the responsibility for its maintenance, while the Thunder retains the reins on naming rights – a lucrative aspect of sports venues today. Down the line, the Thunder could even step in to operate the Paycom Center outright, if terms with the City can be thrashed out.
