$1 million arena rent hike for Warriors
Team’s new facility in San Francisco is not yetmove-in ready
OAKLAND — Just as it costs fans more to watch Curry, Durant, Klay and Dray, it will cost the Golden State Warriors more to play at Oracle Arena.
Rent is going up at the city- and county-owned arena: In a new two-year lease agreement expected to be inked next week, the NBA team will pay $2.5 million per season, an increase of $1 million.
The Oakland City Council approved the contract Tuesday and the Alameda Board of Supervisors votes next week. Last month, the Coliseum authority which oversees operations of the arena and stadium, gave its approval.
The contract keeps the Warriors in Oakland for at least two seasons with the option to extend three addi- tional seasons, as the franchise builds its new arena in San Francisco’s Mission Bay.
Should the Warriors leave after two seasons, the team will pay a $2.5 million exit fee. The exit fee will drop to $1.5 million if the team leaves after three years and $500,00 if they leave after four.
The question over outstanding debt on the arena, currently at about $60 million, remains. In the master agreement, the Warriors are required to pay the debt accrued from renovations at Oracle. In the new lease, the team continues to pay $7.5 million a year to pay off the debt.
“When they leave we still have to fight over how many million they will have to pay,” said Ignacio De La Fuente, a member of the Coliseum authority board. “They implied that they didn’t think they’d have to pay the leftover from the bond. They definitely have to pay it, trust me.”