OKLAHOMA CITY (KFOR)- The next time you head to an Oklahoma City Thunder game, you may not be going into the Chesapeake Energy Arena.
On Tuesday, the Oklahoma City Thunder announced that the team is in the process of working to secure a new naming rights partner for the arena.
Chesapeake Energy Corporation announced that part of its restructuring plan, it is terminating its arena naming rights agreement with the team, effective immediately.
“As we move toward a transition to a new naming rights partner for our arena, we would like to recognize our extraordinary history with Chesapeake Energy,” said Clayton I. Bennett, chairman of the Oklahoma City Thunder. “For a decade, the arena has proudly bore its name and we thank Chesapeake, one of our founding partners, for its loyal support and partnership. As Chesapeake Energy Arena, our building has been home to so many exciting and historic moments and events. As we look to forge a new partnership for naming rights, we will identify a partner who will help build on that history and be the centerpiece of our growing, modern and vibrant downtown environment.”
“We have greatly appreciated our long-standing partnership with the Thunder, and while our commitment to restoring our balance sheet and increasing our competitiveness required us to terminate our naming rights agreement, as proud Oklahomans, we will continue to strongly support the team,” said Doug Lawler, CEO of Chesapeake Energy.
Until a new partner is found, the building will continue to be called Chesapeake Energy Arena.