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Paycom and the Oklahoma City Thunder have agreed to end their arena naming rights agreement early, paving the way for a new name for the city’s future $1 billion arena.The current arena, Paycom Center, will retain its name until it closes after three more Thunder seasons.Paycom, a leading Oklahoma City employer, expressed commitment to allowing the Thunder to seek a new long-term naming rights partner for the new arena.
Oklahoma City’s future $1 billion arena will open with a new name following an agreement between Paycom and owners of the Thunder to end a naming rights contract that started in 2021 and was to last 15 years.
Paycom, headquartered in Oklahoma City, employed 7,306 people as of Dec. 31, 2024 with a client base topping 37,500, and is one of the city’s leading employers.
Paycom Center is scheduled to remain the name of the current building until it closes, which would include three more Thunder seasons.
“With the citizens of Oklahoma City and the Thunder making significant investments in the new arena, Paycom is committed to allowing the team to seek a new long-term naming rights partner for the new arena,” said Jason Bodin executive vice president of marketing and communications Paycom. “We have been a major corporate partner of the Thunder since 2018. We will continue to explore new avenues to support the team and our community as we enter this new chapter of growth.”
The announcement of the naming rights change coincides with a scheduled unveiling of conceptual designs for the new arena by Mayor David Holt at the July 16th State of the City. The presentation Wednesday at the convention center is hosted by the Greater Oklahoma City Chamber and is a sold-out event.
Will Syring, vice president of corporate partnerships for the Oklahoma City Thunder, noted in a press release from the team that while Paycom enjoyed brand promotion during the recent playoffs and championship, the agreement started in less than ideal circumstances.
“Paycom is a leader not just in Oklahoma but globally, and we are grateful for their decision in 2021 to become the naming rights partner for our current arena,” Syring said. “Their support, especially during the pandemic, showcased their dedication to our team and the community.”
The upcoming name change is unlike the previous one, in which Chesapeake Energy was going through financial turbulence and bankruptcy when it ended its naming rights agreement.
Paycom reported in its first quarter earnings call it expects to have revenues topping $2 billion with an adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of between $843 million and $858 million). The company reports it has zero debt.
“We sincerely appreciate Paycom’s unwavering support for the Thunder and our entire community,” Syring said. “We look forward to continuing our relationship as they support the Thunder and Oklahoma City.”
This is a developing story.