CAA ICON Venue Group selected to consult on OKC arena construction
09/24/2024
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Today, the Oklahoma City Council approved an agreement with CAA ICON to provide professional consulting services for the design and construction of the City’s new arena.
“The construction of the arena is an extremely important four-year-long project for the City,” Director David Todd said. “It requires more manpower and specific expertise in professional event facility design and construction than what the City has.”
CAA ICON, a division of CAA Sports, is a strategic management consulting firm for public/private sports and entertainment facility owners and operators, professional franchises and leagues. The company has offices in Denver, Charlotte, Manhattan and London.
Next Steps
The City is expected to select an architect for the arena this fall.
The arena will be built on the City-owned site where Prairie Surf Media, formerly known as the Cox Convention Center is located. The existing building is expected to be demolished in 2025.
Arena Background
In December 2023, Oklahoma City voters overwhelmingly (71%) approved a penny sales tax to build a new, publicly owned arena. In May 2024, the Oklahoma City Council approved a development agreement for the City’s new arena between the City and PBC Sports and Entertainment, LLC (PBCS&E), owners of the Oklahoma City Thunder and the Oklahoma City Blue.
The new arena will be funded by a 72-month, one-cent sales tax that will start when the MAPS 4 tax ends and will not increase the sales tax rate. The arena will also be paid for with $70 million in MAPS 4 funding and $50 million from the Oklahoma City Thunder ownership group.
The $900 million arena will be at least 750,000 square feet and be built to:
- Benefit the residents of Oklahoma City.
- Meet NBA specifications and requirements.
- Maximize team revenues, ensuring the sustainability of major league professional sports in Oklahoma City.
The City will own and be responsible for maintaining and operating the new arena, which will be home to the Oklahoma City Thunder NBA team.
The Thunder will continue to play home games at the Paycom Center until the new arena opens, with a target completion date of June 2028 and a contractual obligation to open the new arena by June 2030. The Thunder’s 25-year commitment to remain in Oklahoma City begins when they move into the new arena.
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Media Contact: Kristy Yager, (405) 297-2550, kristy.yager@okc.gov
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