Oklahoma City voters approve huge giveaway to Thunder owners

According to reports, 71 percent of voters approved a 1 percent sales tax that will fund the new arena project, estimated to cost "at least $900 million." That's likely a low figure given how often these projects exceed their budgets. The Las Vegas Raiders' Allegiant Stadium came in $175 million over its initial budget, while the new Buffalo Bills stadium is reportedly $300 million over its $1.4 billion budget and could get as expensive as $1.9 billion.

How much are the Oklahoma City Thunder owners contributing to the project? Just more than 5 percent of the initial cost, or $50 million. For that, they'll get a brand-new arena to play in starting in 2029, despite voters approving a sales tax to improve the team's existing home, the Paycom Center, just four years ago. The building also received substantial upgrades in 2007.

While the team's investment is capped at $450 million, there's no limits on how much the arena might cost. An economics professor from Kennesaw State University, J.C. Bradbury, told ESPN that the city's negotiator should be "fired for incompetence."

"When you tell me an arena is going to be a minimum of $900 million with no caps, you've just committed to a $2 billion arena," Bradbury said. "It is by far the worst stadium deal I've ever seen negotiated from a public standpoint."

But it's a great deal for the Thunder owners, who have seen the team rise in value since Clay Bennett's group bought the then-Seattle SuperSonics in 2006 for around $350 million. Now Forbes estimates that the team is worth $3.05 billion. A 1 percent sales tax may not seem like a lot, but it disproportionately affects the city's poorest people.

The ownership can certainly afford the $50 million contribution, but can the people of Oklahoma City afford their billion-dollar giveaway?