Artist rendering for the OKC Thunder Arena.
Source: OKC Thunder
The National Basketball Association’s Oklahoma City Thunder agreed to a 15-year arena naming rights deal with software program firm Paycom, and the downtown sports activities advanced will be called Paycom Center.
Paycom is a public firm primarily based in Oklahoma that sells human assets and payroll software program; its clients embody the National Football League’s New England Patriots. Paycom is traded on the New York Stock Exchange and has a market cap of $23.6 billion.
Terms of the pact with the Thunder weren’t disclosed, however the deal does not surpass $100 million. Industrial firm Chesapeake Energy beforehand held the arena title however scuttled the settlement after submitting for bankruptcy in June 2020. That deal was price roughly $34 million and paid the Thunder $3 million per season.
In an announcement, Thunder proprietor Clay Bennett mentioned the group aligns with Paycom’s “onward vision,” including, “we look forward to presenting our new arena partner, Paycom, to the (National Basketball Association) global audience.”
The settlement begins with the upcoming season, has in-arena signage property, together with the arena’s scoreboard and the basketball court docket. On Monday, metropolis officers accredited a change to the outside signage on the arena’s roof and will create a lighting plan for added model publicity.
The deal is the newest of a number of sports activities naming sponsorships.
Earlier this month, the Phoenix Suns secured a brand new arena title with engineering firm Footprint, and in June, the Miami Heat agreed to a 19-year, $135 million arena naming-rights deal with crypto firm FTX.
NBA arena sponsorships usually value seven figures yearly, and sports activities partnerships consultancy agency IEG notes that agreements can vary as much as $30 million a yr.