Editor’s Note: A graphic was removed from the original story in order to provide clarity on funding this proposal.
OKLAHOMA CITY, Okla. (KFOR) – On Tuesday, Mayor David Holt announced Oklahoma City leaders and the Oklahoma City Thunder have agreed to construct a new downtown arena.
The new arena project discussion comes after 14 months and an estimated minimum cost of $900 million, which is set to be funded through a temporary one-cent sales tax, MAPS 4 funds, and a $50 million contribution from the Thunder’s ownership.
The goal is to have the arena ready for the 2029-2030 NBA season or sooner.
The Thunder have called Oklahoma City home since 2008.
Oklahoma voters will get the last say in a December 12 election for a temporary one-cent sales tax. According to agreement, this tax will start after the completion of MAPS 4, and does not increase the city’s current sales tax rate.
The City’s current arena is the smallest in the NBA by square footage, it has the second-smallest capital investment of all NBA arenas, and at 21 years old, it is increasingly within range of the oldest arenas in the entire NBA.
On September 26, Mayor Holt and City Manager Craig Freeman will present the plan formally to the City Council, with a simple majority of both the Council and voters required for passage.
