Oklahoma City Voters Approve Sales Tax for $900 Million Arena to Keep Thunder Through 2050
Location for future arena yet to be determined
Posted On: December 13, 2023 By :Oklahoma City voters on Tuesday approved a 1% sales tax for six years to help fund a new downtown arena for the NBA’s Thunder that is expected to cost at least $900 million and keep the team in Oklahoma City through at least 2050.
The Oklahoma State Election Board reported that 71% of the city’s voters approved the plan. The Thunder’s ownership group will contribute $50 million toward construction of the new arena. The deal also calls for $70 million in funding from a sales tax approved by voters in 2019 for upgrades to the existing Paycom Center.
“We are deeply grateful for the confidence and pride our citizens have expressed in the future of our city,” Thunder owner Clay Bennett said.“With this project we will be doing more than just building a world-class sports and entertainment complex, we will be propelling Oklahoma City toward the next generation. This new home for the Thunder will serve as an iconic centerpiece of our vibrant and modern downtown and continue to represent the values of our city and its people. As we take the next step in this historic journey, I am particularly grateful and energized by what this means for our city’s young people and the Oklahoma City they will lead and enjoy over the coming decades.”
The proposal was endorsed by Oklahoma City Mayor David Holt and officials from the Greater Oklahoma City Chamber of Commerce, who argued that keeping the Thunder is an integral part of the city’s growth and economic development.
The sales tax will begin April 1, 2028, when the current sales tax ends, so the city’s sales tax rate will remain unchanged. An exact location hasn’t been determined, but the deal calls for the arena to open in time for the 2029-2030 NBA season.
“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,” NBA Commissioner Adam Silver said.
The NBA franchise — which used to be the Seattle SuperSonics — moved to Oklahoma City in 2008.
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