THE OKC PUBLIC IS BEING ASKED TO FUND 95% OF THE ARENA. COLLECTIVELY THE THUNDER OWNERS ARE WORTH $25 BILLION.
EVERY RESIDENT WILL OWE AT LEAST $1,200
THIS IS A BAD DEAL. WE HAVE OTHER OPTIONS.
OKC taxpayers are being asked to pay $850M+ for their arena with the owners paying only $50M. This will delay many other priorities. The Thunder owners need to pay their fair share.
They can buy their own arena.
Sports franchises are fun and very, very profitable.
Arena deals come in many forms, OKC doesn’t have to take a 95% public to 5% private split.
The current financial state of the Thunder owners is spectacular.
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The Thunder owners purchased the team for $350M in 2006. In 2023, Forbes has the team valued at $3.05B for a 13.6% annual ROI.
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Our current arena is only 25 years old. We have invested in several rounds of improvements and hundreds of millions of dollars since it first opened.
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Currently, 12 of the 30 NBA arenas are privately owned either by the team or a private company. Several recent arenas have been fully financed by the team owners.
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Based on OKC's population, a $900M arena would cost every person in OKC at least $1,200 in tax payments. A family of four would pay nearly $5,000.
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The economics of arenas are not good. There is little evidence they create jobs, they shift spending from existing establishments to the arena and often require ongoing money from taxpayers.
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The finances of the NBA are very good. They will renegotiate their TV contracts in 2025 and expect them to double in value. This is shared with the teams.
Check out the Thunder's Operating and licensing agreements with the city.
Every year, OKC spends more than $5M covering utilities and operation losses for ASM Global. Meanwhile, the Thunder keep revenues from 100% of the advertising, parts of the naming rights and commission on all the food sales. We are losing both in the construction and operations while the Thunder owners keep the profits.
The Owners
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Clay Bennett
Net Worth: $400M+
Inherited portions of the Gaylord media and real estate fortune by marriage
Chairman Dorchester Capital, Chairman of the OKC Thunder, OK Criminal Justice Advisory Council Chair
2007 OK Hall of Fame
1978 Casady School Graduate
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George Kaiser
Net Worth: $13B+
Inherited family oil company and bought Bank of Oklahoma
Chairman and CEO of Bank of Oklahoma
Founder of the Kaiser Foundation one of the largest private philanthropies in the world
Donated more than $300M to construct The Gathering Place Park in Tulsa
Signed “Giving Pledge” to give away billions while continuing to make more
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Jeffrey Records
Net Worth: $5B+
Inherited bank from his parents, his maternal grandfather started the company
Chairman and CEO of MidFirst Bank
Largest Privately Owned Bank in the United States
Lobbied for and utilized Trump era tax cuts for large personal gains
1977 Casady School Graduate
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Robert (Bob) Howard
Net Worth: $100M+
Made fortune in car dealerships, sold to Group 1 Automotive in 2007
Tried to bilk the city for $100M for land for the MAPS 3 Convention Center
Still owns large, undeveloped lots directly across from the existing arena
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Everett R Dobson
Net Worth: $5B+
Inherited family telephone company
Executive Chairman of Dobson Fiber
Dobson Fiber has 4,500 miles of fiber optic network
Sold Dobson Communications Corporation, a rural cellular provider, to AT&T for $5.1B in 2007
Several major investments and positions in horse racing industry
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William (Bill) M. Cameron
Net Worth: $3B+
Inherited insurance company from his family
CEO and Chairman of the Board of Cameron Enterprises
Includes American Fidelity Assurance Corporation, Cameron family is the sole owner
1978 Casady School Graduate
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Domer "Jay" Scaramucci Jr.
Net Worth: $50M+
Owns an investment company and Balon Corporation
Has invested heavily in OKC Mayor Mick Cornett’s political campaigns and appeared to benefit
Lives in Norman
Taxpayers are asked to pay for many priorities.
Streets, sidewalks, parks, public transit, animal shelters and control, affordable housing, public education, alternatives to incarceration, mental health access, youth and senior centers and other services are all things Oklahoma City can and has invested in.
The public has overwhelmingly supported these services in past polling and their votes. We need to expand these. A giant new arena next door to our existing one is not a top priority.
We have other priorities and should ask the billionaire owners to buy their own arena.
A better OKC is possible and it starts with investing in ourselves, not billionaires.