Tag: Chesapeake Energy

The Oklahoma City Thunder announced on Tuesday that Chesapeake Energy Corporation is terminating the arena naming rights agreement with the team.

The Thunder are now seeking out a new partner for the rights for the arena name.

Oklahoma City’s stadium became known as The Peake in 2011 when a 12-year agreement was signed. It became publicly apparent that the change was a possibility in June 2020 when Chesapeake Energy Corp. filed for chapter 11 bankruptcy. It emerged from bankruptcy in February 2021.

“As Chesapeake Energy Arena, our building has been home to so many exciting and historic moments and events,”Clay Bennett, chairman of the Thunder franchise, said in a statement.

“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 stadium will continue to be called Chesapeake Energy Arena while the Thunder search for a new partner.

Over the nine-plus seasons playing at The Peake, the Thunder had a record of 474-296 (61.6%), as of April 20, the day the announcement was made. This will be just the second season with the arena name in which Oklahoma City does not reach the postseason.

This post originally appeared on OKCThunderWire. Follow us on Facebook!

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Chesapeake Energy Corporation, which owns the naming rights to the Oklahoma City Thunder’s basketball arena, filed for bankruptcy Sunday, according to the New York Times.

The company accumulated more than $20 billion in debt by 2013 and still had $9.5 billion of debt at the end of last year, according to the NYT.

It lost $8.3 billion in the first quarter of this year, according to the New York Times.

The corporation is one of more than a dozen energy companies to file Chapter 11 bankruptcy during the coronavirus pandemic, according to the Washington Post.

Chesapeake Energy signed a 12-year deal in 2011 with the Thunder to have naming rights to the arena. It cost the company $3 million over the first season and increased by 3% each year after, according to ESPN.

It was unclear how the bankruptcy will affect the name of the stadium, according to ESPN.

The deal is currently scheduled to expire after the 2022-23 season.

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