Oklahoma City Extends Partnership With ASM Global For New Paycom Center, Approves Agreements To Keep Thunder In Town Through 2053

The Oklahoma City Council on Tuesday approved four agreements to keep the Oklahoma City Thunder NBA team in town for the foreseeable future and firming up details regarding operations of the new city-owned Paycom Center set to open in 2028, including up to a $1 billion penalty if the team leaves town after the arena is built.

“Becoming a big league city has changed us forever, as the last few weeks have reminded us,” OKC Mayor David Holt said in a news release from the city. “Since 2022, we have worked as a community to secure our long-term status as a big league city. This agreement represents the culmination of that work. I thank the team ownership and staff, the Council, the City staff and ultimately the voters and residents for their work to bring about this day. Now, we know officially that our relationship with the Thunder is secure through at least 2053.”

As part of the extended agreement, Legends/ASM Global will continue to manage the current Paycom Center for the next three years as well as the new Paycom Arena for five years after its scheduled 2028 opening, located on the former site of Prairie Surf Studios/Cox Convention Center just north of the current arena. ASM Global has managed the existing arena since its opening as the Ford Center in 2002.

“For 25 years, we have made it our mission to provide an unparalleled experience to each and every fan that walks through our doors,” said Chris Semrau, General Manager of Paycom Center for Legends / ASM Global. “Whether visiting for a Thunder game, sold-out concert, or NCAA event, we strive to make every guest feel like a VIP and want to keep coming back for more,. This renewed agreement is just another testament to the level of our commitment to our guests and dedication to the community and further proof of the strength of our relationship with the City of Oklahoma City.”

The agreements include specifics about what happens if the Thunder want to leave town after the opening of the new arena, with the team forced to pay the city $1 billion if leaving within five years of the new arena’s opening, $850 million if within six to 10 years and the scale continuing for a total of 25 years. The agreement says the Thunder will be responsible for the existing arena site, either reimbursing the city for 50 percent of maintenance costs or demolishing the current arena within 12 months of purchasing the site.

The agreements appear to find a balance between the private and public entities involved, as the new arena is largely funded by a sales tax approved by voters in 2023 as well as additional financing from the Thunder ownership totaling more than $125 million.

The deal extends to food service, which is operated by Legends/ASM Global, with 1 percent of gross concessions sales going to a repair or replacement fund for food and beverage equipment specifically, and naming rights, which is retained by the team. The city is responsible for maintaining the building.

“It’s an incredibly exciting time in Oklahoma City. Leveraging Legends/ASM Global’s unmatched expertise and experience, Paycom Center and the new Paycom Center will continue to be the premier event destination in the region for years to come,” said Doug Thornton, President of North American Venues, Legends/ASM Global. “We deeply value our long-standing partnership with the city and the Thunder, and appreciate the trust and confidence placed in our team, led by Chris Semrau. Oklahoma City has always been a city that gets things done, and we’re honored to help drive its next chapter of growth.”

Oklahoma City Mayor David Holt added, “Legends / ASM Global has done a fantastic job in recent years, especially with the challenges that are sometimes presented by our current venue or our market size. I look forward to seeing what they can do with a new, cutting-edge venue. I’m glad our partnership will continue.”

Since opening its doors, Paycom Center has hosted nearly 2,000 events and welcomed over 15 million fans, according to Legends/ASM Global, with the arena also home to the Oklahoma City Blue, Oklahoma City Blazers (CHL), Oklahoma City Yard Dawgz (Arena Football League). It’s also a frequent concert stop, and in 2024 hosted 41 concerts including , landing it at No. 61 on Pollstar’s 2024 Year-End Top 200 Arenas chart worldwide.