Oklahoma City is planning to construct a new $900 million arena in an effort to ensure that the Thunder basketball team remains in the city until at least 2050. The proposed arena, which would replace the Chesapeake Energy Arena, is part of a larger plan to revitalize the area surrounding the city’s downtown.
The current Chesapeake Energy Arena, which has been home to the Thunder since the team relocated from Seattle in 2008, is now over a decade old and in need of significant upgrades. The proposed new arena would provide state-of-the-art facilities and amenities for both fans and players, ensuring that Oklahoma City remains a competitive destination for top-level sports events.
The city’s mayor, David Holt, is optimistic about the project and believes that investing in a new arena will not only secure the Thunder’s future in Oklahoma City but also attract other major events and concerts to the area. He emphasized the economic benefits that a new arena could bring, including increased tourism, job creation, and revenue generation.
To fund the project, the city plans to use a combination of public and private financing. A one-cent sales tax extension, which is set to expire in 2023, would be used to cover a portion of the costs. Private funding, including contributions from the Thunder organization, would also be sought to help finance the construction of the new arena.
The proposed arena is part of a larger development plan for the area surrounding downtown Oklahoma City. The city aims to create an entertainment district that will attract visitors and residents alike. The new arena would serve as a centerpiece for this revitalization effort, providing a modern and attractive venue for sporting events, concerts, and other entertainment activities.
While the plans for the new arena are still in the early stages, the city is committed to keeping the Thunder in Oklahoma City for the long term. By investing in a state-of-the-art facility, the city hopes to ensure that the Thunder remains a beloved and successful sports franchise in the years to come.
