Thunder lock in long-term future in Oklahoma City with new arena agreement

On Tuesday, the Oklahoma City Council approved a new 25-year lease agreement with the Thunder, ensuring the team will continue playing in the city through at least 2053. The vote finalizes nearly two years of negotiations following a public vote to build a new downtown arena.

Mayor David Holt, who has led the city since 2018, called the agreement one of the most significant milestones of his tenure. The new lease, formally called an “arena use license agreement,” is a 115-page document that outlines the Thunder’s commitment to remain in Oklahoma City and includes financial penalties exceeding $1 billion if the team were to exit early.

“When I became Mayor, I knew that the Thunder’s original 2008 lease would expire in 2023,” Holt said in a statement Tuesday. “Retaining our Thunder would be one of the most important challenges of my tenure.”

The agreement follows a December 2023 citywide vote in which 71% of voters approved a plan to build a new downtown arena, the fourth publicly funded arena in the city's history. The new facility is slated to open in 2028.

The Thunder organization publicly committed to a 25-year lease at the new arena following the vote. The lease approved this week puts that commitment into writing, formalizing the long-term relationship between the city and the NBA franchise.

The Thunder’s lease has one of the strongest penalties in the NBA for early departure. Officials say this gives Oklahoma City one of the most secure long-term team commitments in the league.

“We have been reminded of the rewards these last few weeks,” Holt said, referencing the Thunder’s playoff run. “And as we celebrate our NBA Finals run, it is wonderful to know that our big league status is now secure for another generation.”

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