On April 21, Oklahoma City Thunder announced today that Chesapeake energy has terminated its partnership with the team and will take effect immediately. Thunder said the decision was part of the company’s restructuring.
According to reports, thunder is looking for a new naming partner for its home stadium, which will be temporarily reserved as Chesapeake energy arena until it finds a new one. In 2011, thunder announced that its former home Ford Center would be renamed Chesapeake energy arena, and the two sides signed a 12-year naming right. In the first year, Chesapeake group will pay thunder $3 million, increasing by 3% every year.
Under the promotion of superstars Kevin Durant and Russell Westbrook, the thunder team ushered in glory in Chesapeake energy arena, where they held the 2012 finals and three Western Conference finals.
“At Chesapeake energy arena, we have experienced many exciting historic moments and events. As we look forward to a new partnership for naming rights, we want to make sure that this partnership can help us build and become the core of our evolving, modern and vibrant downtown environment on a historical basis. Over the past decade, the stadium has been named via its proud name, and we thank Chesapeake, one of our founding partners, for its support. ” Thunder owner clay Bennett said in a statement.
Although the company’s name will change, Chesapeake CEO Doug Lawler said he would still support the thunder. “We are very grateful for our long-term cooperation with the thunder team. Although we are committed to restoring our asset operations and providing our competitiveness, which requires us to terminate the naming rights agreement, as proud Oklahoma people, we will continue to strongly support the thunder team.”Doug Lawler said in a statement.
Chesapeake energy arena was put into use in 2002. This multi-functional venue with a capacity of 18000 people is the home of the thunder team. When the team is fighting in other cities, the venue is also used to hold ice hockey, wrestling, competitive performances and live concerts. It receives more than one million visitors every year.