OKLAHOMA CITY (AP) – The Oklahoma City Thunder said Tuesday that Chesapeake Energy Corp. has terminated its arena naming rights agreement. The move was effective immediately, though the team said the name would remain until a new partner was found. The original 12-year deal was announced in 2011, but Thunder said the company had decided as part of a restructuring.
The Thunder became a Western Conference power while playing home games at Chesapeake Energy Arena, fueled by Kevin Durant and Russell Westbrook. The arena known locally as “The ‘Peake” hosted the 2012 NBA Finals and three Western Conference finals under that name.
“As Chesapeake Energy Arena, our building has been home to so many exciting andhistoricalc moments and events,” Thunder chairman Clay Bennett said. “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. The arena, which opened in 2002, also hosts concerts, which welcome more than one million guests per year.