The Oklahoma City Thunder announced its new naming rights partner for the arena Tuesday morning.
Paycom has entered a 15-year agreement with the Thunder. It will transform the Thunder’s downtown home into Paycom Center.
The announcement comes nearly two weeks after the removal of the Chesapeake letters from the building after the corporation asked for its contract to be terminated early.
Chesapeake Energy Corporation signed a 12-year agreement deal in 2011.
The name change takes effect immediately, with exterior signage to be completed in time for the start of the 2021-2022 Thunder season.
In a statement on Tuesday, Oklahoma City Thunder Chairman Clayton I. Bennett said:
“We are honored and excited to expand our partnership with Paycom to include a centerpiece, 15-year naming rights commitment for our arena. 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."
The Thunder plans on reopening the building and bring back fans to enjoy the full gameday experience for the upcoming season. The complex will continue to host concerts, sporting events and other attractions.
Chad Richison, Paycom’s founder and CEO, said in a statement:
“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 is not releasing how much money went into this agreement with the Thunder, but the Paycom Center will have branding on the game floor, scoreboard and more.
Paycom is Oklahoma-based and the first web-based HR and payroll company. It employs more than 2,500 Oklahomans.
This is a developing story.