Paycom will not retain naming rights for new OKC Thunder arena

The Oklahoma City Thunder announced Monday that Paycom will not retain its naming rights when the new downtown arena is completed.

LATEST: Q&A: What could be next for Oklahoma City's new arena after naming rights become available

Paycom Center will host the Thunder for 3 more seasons before the new arena, paid for by a voter-approved tax, is built.

How much will Oklahoma City's new arena cost?

The new arena will be funded by a 72-month, one-cent sales tax that will start when the MAPS 4 tax ends and will not increase the sales tax rate.

READ MORE: Oklahoma City Voters Approve Taxpayer Dollars To Fund New Arena, Keep OKC Thunder 

The city agreed to spend a minimum of $900 million on the arena. The arena will also be paid for with $70 million in MAPS 4 funding and $50 million from the Oklahoma City Thunder ownership group.

Where will Oklahoma City's new arena be?

The arena will be built on the City-owned site where Prairie Surf Studios, formerly the Cox Convention Center, is located.

The news comes just days before Oklahoma City Mayor David Holt's State of the City address, where we expect to learn more about OKC and the new arena's future.

That speech is happening on Wednesday, and you can watch it on news9.com, our News 9 News App, and on News 9's YouTube channel.

LEARN MORE: Oklahoma City Council Hires Architect For New Arena 

What is Paycom saying about retiring naming rights?

Read the full news release from the Thunder below:

Paycom will retire its arena naming rights agreement with the Thunder when Oklahoma City's new downtown arena is completed in 2028, the two entities announced today.

Paycom Center is scheduled to remain the name of the current building until it closes, which would include three more Thunder seasons.

"As a longstanding community supporter, Paycom has been proud to step up and support the Thunder and contribute to our city in meaningful ways," stated Jason Bodin, EVP of Marketing and Communications at Paycom. "With the citizens of Oklahoma City and the Thunder making significant investments in the new arena, Paycom is committed to allowing the team to seek a new long-term naming rights partner for the new arena. We have been a major corporate partner of the Thunder since 2018. We will continue to explore new avenues to support the team and our community as we enter this new chapter of growth."

Will Syring, VP of Corporate Partnerships for the Oklahoma City Thunder, added, "We sincerely appreciate Paycom's unwavering support for the Thunder and our entire community. Paycom is a leader not just in Oklahoma but globally, and we are grateful for their decision in 2021 to become the naming rights partner for our current arena. Their support, especially during the pandemic, showcased their dedication to our team and the community. We look forward to continuing our relationship as they support the Thunder and Oklahoma City."