I’ve waited a bit to rethink the notion of Oklahoma City building a new arena for the oft tanking Thunder. Originally….I wrote on my little Thunder blog, which isn’t owned by the Thunder, as is a Thunder blog of which I was banned for life because I’m honest… that building the new arena should be a no-brainer…yes, vote.
Now that I’ve read the numbers OKC mayor David Holt revealed recently my vote has changed to NO.
I assumed Clay Bennett & Company were going to operate in legal good faith with the taxpayers of Oklahoma County. I appear to be wrong with that assumption.
The offer put forth to the city by way of Clay Bennett’s primary fidcuciary David Holt states…’The Thunder want to build this new arena at a proposed cost of $900 million with the Thunder making a contribution of $50 million which translates to a 5.5% contribution by Clay Bennett & Company.’
What a joke.
If you study the deals for new sports arenas and ballparks in major league cities since 2017 to the present…the standard deal is the city pays around 65% while the team ownership group pays around 30-35%.
Cost overruns which were substantial in the new arena were covered by Sacramento Kings’ ownership as were the appropriate investment ratios. Not the case on this deal with the Thunder unless I missed something in small print or the nuance of David Holt’s statement.
Let’s be blunt. Oklahoma City is not in fact a major league city. It doesn’t have a major league feel even though the MAPS projects are in my mind a tremendous success and first class. The Health Wellness Center I now work out at 3-4 times a week was funded by MAPS 3 money. It’s first class all the way.
The parks and outdoor improvements throughout the city…first class.
The river projects…first class.
The Bricktown Ball Park for the Triple AAA Dodgers…first class.
The museums and downtown theatre additions…first class.
The new stadium for the Women’s College World Serles…first class.
The Scizzortail Park…bravo.
So tell me…David Holt…the economic growth, GDP, popoulation growth and quality of life began this metamorphis in around 2000 or so and with the exception of the Bush 43 worldwide economic collapse…stayed on the exact upward trajectories to the present even when the Thunder were tanking.
Why should OKC pay 95% or in essence the classic OPM deal (Other People’s Money) when the orginal investment of the franchise has multiplied almost six-fold per Forbes valuation?
So…I wondering to myslf as an honors graduate from the Bob Jackson School of Law…are you acting as a fiduciary for Clay Bennett or for the good people of Oklahoma City?
Color MJ confused.
What does this tell me? It tells me the taxpayers of Oklahoma City don’t need this bullshit deal you are proposing at a 95% to 5% ratio. It indicates to me if the good people of Oklahoma City reinvest that same billion dollars towards more infrastructure, more beautification, and a better EDUCATIONAL SYSTEM the money would be better spent.
I mean…I’m appalled by the proposal. For god’s sake…the basketball on the court product has been so sketchy since the departure of Kevin Durant….I had to shift the focus of my little blog to the Golden State Warriors and other NBA teams.
What in fact this Thunder ownership group is asking you people to do is build a state of the art NBA arena at a disgusting city to team ownership investment ratio and primarily give the people of OKC a Triple AAA level minor league product.
I mean, yeah…I love the NBA and will continue to do so, but not to the point these guys can’t come forth with a legally good faith offer. With a plan which in no way inhibits further great things being done in OKC.
The NBA branding is cool, but most economists agree that ROIR…rate of investment return and GDP growth in Oklahoma County doesn’t have all that much to do with the Thunder.
In closing…this looks like a sucker deal to me. I would have to vote NO if David Holt can’t a broker fairer deal than this one.
Get a better deal or let’s go find a Triple AAA hockey team and have some Big 12 and SEC basketball events in downtown OKC.
Heading to the gym.
MJ