An arbitrator recently ordered the Golden State Warriors to pay $40 million for a fix up of the Oakland arena despite the fact they’re leaving the venue.
Government agency managers of the facility secured a $150 million bond in the late 90s for renovations the team said it would help finance annually, Sportsnet reported. But when the Warriors decided to leave the arena and terminated their lease, they told the agency that their financial obligation also ended.
But arbitrator Rebecca Westerfield begged to differ and ordered the team to pay the Oakland-Alameda County Coliseum Authority annual payments of $7.5 million until the $40 million debt is paid off.
The team disagrees with the ruling and management said it is weighing its options.
