The Oklahoma City Thunder have announced a new name for their arena. The team announced a 15-year naming rights partnership that will transform the former Chesapeake Energy Arena into the Paycom Center. Paycom is an HR and payroll technology company based in Oklahoma City. Chesapeake Energy Corporation had held naming rights since 2011, but recently announced part of its restructuring plan included terminating its arena naming rights agreement with the team.
“We are honored and excited to expand our partnership with Paycom to include a centerpiece, 15-year naming rights commitment for our arena,” said Clayton I. Bennett, chairman of the Oklahoma City Thunder. “We are especially proud to enhance our alignment with this innovative and visionary Oklahoma company that is not only a top job creator, but a nationally recognized technology leader. The Thunder shares Paycom’s always-onward vision, grit and relentless pursuit of excellence, combined with a passion for impacting our community. Together, we are committed to working hand in hand to create the best for our fans and city."
“On behalf of our ownership group and the entire Thunder organization, we look forward to presenting our new arena partner, Paycom, to the NBA global audience. We are especially proud to be able to welcome back our fans to again enjoy the Thunder game experience inside the fresh and exciting Paycom Center,” Bennett said.
Chad Richison, Paycom’s founder and CEO, said, “Oklahoma City is home to thousands of our employees, and I am happy that Paycom Center will be the home of the Thunder. We are committed to our community and remain focused on the future as we support the home team.”
Paycom, a member of the S&P 500, is one of Oklahoma’s largest companies, with a market cap of approximately $23 billion, and one of the country’s fastest-growing publicly traded companies.
The naming rights agreement consists of several marquee Paycom Center signage locations, including the building’s exterior and roof, game floor, scoreboard and more. Paycom will retain its branded on-court signage in front of the player benches and will continue actively engaging the community that is so important to Paycom and the Thunder. Financial terms of the agreement were not disclosed.
The building is scheduled to be fully transformed into Paycom Center for the expected return of fans to Thunder games for the upcoming season. The Thunder is working with the City of Oklahoma City to develop and complete the full exterior signage and lighting plan.