The Golden State Warriors have been ordered to pay $40 million on 30-year bond for renovation at Oracle Arena.
The balance if paid $7.5 million annually will be about $40 million when the Warriors make the move to San Francisco.
Oakland Alameda County Coliseum Authority Chair and Alameda County Supervisor Nate Miley released a statement.
“We are pleased by today’s ruling and believe that it’s the Warriors, not the Oakland and Alameda County taxpayers who should repay this debt. We issued these bonds in 1996 in collaboration with the team and with an agreement in place. We’ve simply asked the Warriors to honor their agreement.”
The Warriors signed at 20-year lease in 1996 to play at Oracle, then extended the lease in 2016 with the Oakland and Alameda County Coliseum Authority.
After they terminate the lease for the 2019-20 season, the team has argued that is when the lease will end.
Both parties have continued to have different views but after discussion, a compromise was settled on.
On Monday, the arbitrator ruled against the Warriors.
The Coliseum Executive Director Scott McKibben commented.
“The terms of the lease were clear in our eyes. The Warriors committed to pay this debt. This money was spent to make specific renovations to meet the Warriors’ needs. We simply wanted them to honor the agreement, regardless of where they will be playing their home games in the future.”
Oakland City Council President and Coliseum Authority Vice-Chair Larry Reid also stated:
“We all love the Warriors and appreciate their success on the court. However, the taxpayers of our community should not be on the hook for debt incurred and renovations completed at the Warriors request. I’m proud that we have stood firm and that the arbitrator has properly placed this obligation where it belongs.”
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