“Billionaires Don’t Put Down $70 Mn”: ex-Exec Slaps $900,000,000 Clayton Bennett Reality Check on Why Seattle Would Not Have an NBA Team

The Seattle SuperSonics have left a mark on the NBA despite not being an active franchise. Sonics were a vibrant team in the league that operated for around 40 years till 2008. Their story took a dramatic turn when they transformed into the Oklahoma City Thunder. The transformation was orchestrated by Clay Bennett, a prominent Oklahoma-based businessman who seized control of the Sonics in 2006. In a bid to retain the team in Seattle, Bennett made an intriguing promise to the fans. He claimed to keep the Sonics active as long as a spanking new arena materialized on the horizon.

Yet, despite his commitment, Bennett needed help to secure public funding for this coveted arena. Faced with the obstacle, he ultimately decided to relocate the team. Nevertheless, even today, the mere mention of a potential SuperSonics revival kindles radiant sparks in the hearts of fans. The allure of nostalgia, coupled with the authentic legacy of Kevin Durant‘s beginnings, continues to captivate and resonate strongly among faithful supporters.

The absence of Super Sonics might be solidified in the NBA

In a recent development, Oklahoma City Thunder has agreed to construct a state-of-the-art arena with Oklahoma City. The arena will come with a staggering price tag of $900 million. The venue is set to become the new home for Oklahoma City, ensuring their presence at least until the year 2050.

During a recent episode of?Oddball with Amin Elhassan and Charlotte Wilder,?host Amin delved into the agreement’s details. He highlighted the financial aspect of Oklahoma City’s contribution to this massive project. When co-host Charlotte suggested a figure of $70 million, Amin playfully quipped,?“This is America. Billionaires don’t put down $70 million; try $50 million dollars. 5.5% of the total cost of the arena will be graciously covered by Clay Bennet and rest of the ownership group.”

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Amin then illuminated that the birth of OKC as a franchise followed a parallel narrative. He highlights how, despite the owner’s initial intentions to retain the Sonics, the inability to amass the necessary resources for an arena eventually led to the relocation of the basketball team.

Details on Oklahoma City Thunder’s new home

The culmination of OKC’s new home comes after 14 months of engaging in discussions and fostering a collaborative dialogue between the city’s leaders and the team. On September 26, Mayor David Holt and City Manager Craig Freeman will formally present the plan’s components to the City Council. This presentation will mark the official referral of the project to the people of Oklahoma City for their consideration.

In a December 12 event, a simple majority vote from the Council will occur. The group of majority voters will then determine the fate of the plan. Mayor Holt and Freeman will also present a letter of intent signed by Oklahoma City Thunder Chairman Clay Bennett. If the project goes through, it will ask the team to commit to the new arena for 25 years.?

Currently, OKC’s arena is the NBA’s smallest in terms of square footage. Furthermore, it ranks as second-lowest in capital investment among all NBA arenas. Additionally, it is gradually approaching the ranks of the league’s oldest venues. Moreover, the current arena does not hold resources to secure a long-term lease with an NBA team.

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However, OKC’s association with Oklahoma has benefitted tremendously. Since the Thunder’s arrival, the city’s GDP has surged by an impressive 62%. Furthermore, Oklahoma City has ascended from the 31st-largest to the 20th-largest in America since 2008. The construction of the new arena will solidify Oklahoma’s status as a top-notch destination for premier events and ensure a long-term commitment from the Oklahoma City Thunder.