The Golden State Warriors have been ordered to pay approximately $40 million for renovations to Oracle Arena.

The government agency that manages the Oakland arena took out a $150 million bond in 1996 for basketball renovations that the team agreed to help finance with annual payments.

Arbitrator Rebecca Westerfield said the team was wrong and agreed to pay for the renovations in 1996. She ordered the team to continue making payments until the bond is paid off in 2027.

The Warriors make annual payments of about $7.5 million to the authority.