Oklahoma City Votes to Approve Sales Tax to Help Fund New $900M Thunder Arena

The Oklahoma City Thunder are on the verge of building a new downtown arena, and they will receive a little help to achieve that goal.

Per ESPN, Oklahoma City voters approved a one-percent sales tax over the next six years to help fund the arena, which is expected to cost at least $900 million. 71 percent of voters approved the plan, according to the Oklahoma State Election Board.

As part of the deal, the Thunder agreed to stay in Oklahoma City through at least 2050. The franchise, which used to be the Seattle Supersonics, originally moved to Oklahoma City in 2008.

"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 in a statement.

The ownership group of the Thunder will contribute $50 million toward the construction of the new arena. There will also be $70 million in funding from a sales tax that was previously approved by voters in 2019 for upgrades to the existing Paycom Center.

The new sales tax will kick in on April 1, 2028, when the current sales tax ends in order to keep the city's sales tax rate the same. The exact location of the new arena has yet to be determined, but the deal called for it to be open in time for the 2029-30 NBA season.

"We told the nation, we told the world, that Oklahoma City is and shall remain a Big League City," Oklahoma City mayor David Holt said in a statement following the vote.

The deal was strongly supported by Holt and officials from the Greater Oklahoma City Chamber of Commerce, who argued that keeping the Thunder is a necessity for the city's overall growth and economic development. However, there were some detractors who argued that the new arena will not have a significant impact on economic growth.

"This deal was negotiated from a position of fear and scarcity, which benefits those who are wealthy, while the benefits never trickle down to regular folks," council member JoBeth Hamon wrote on social media.