Paycom Center (formerly Chesapeake Arena)

[mugofbeer]

Nicknamed, the Looooove Shack.

[shawnw]

Cool article about the Velveeta thing. Mayor tweeted about it.

https://theathletic.com/2445846/2021...n-nba-twitter/

[Pete]

Thunder Plans Transition to New Arena Naming Rights Partner

OKLAHOMA CITY, April 20, 2021- The Oklahoma City Thunder is in the process of working to secure a new naming rights partner for Chesapeake Energy Arena, the team announced today. Chesapeake Energy Corporation has informed the Thunder that as part of its recently completed restructuring, it is terminating its arena naming rights agreement with the team, effective immediately. The original 12-year agreement was announced in 2011. The Thunder is now focused on identifying a new long-term naming rights partner. In the interim, the building will continue to be called Chesapeake Energy Arena.

“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.

[Jake]

Love's Arena? Paycom Arena?

[Pete]

Yet another Aubrey McClendon megalomaniacal folly.

What on earth was a wholesale energy company doing spending millions on something like this? And for 12 freaking years?

It never made any sense.

[Anonymous.]

That is wild, terminating with a single year left on the contract? Why not sever this agreement back 3 or 4 years ago? Nope, let's do it with 1 remaining, lol.

[Pete]

That is wild, terminating with a single year left on the contract? Why not sever this agreement back 3 or 4 years ago? Nope, let's do it with 1 remaining, lol.

They may have needed the bankruptcy to break the contract.

[PhiAlpha]

That is wild, terminating with a single year left on the contract? Why not sever this agreement back 3 or 4 years ago? Nope, let's do it with 1 remaining, lol.

I would be willing to bet that the buyout to terminate the contract any earlier exceeded the cost to continue it until this year.

My money is on: “The Loves Shack”

[PhiAlpha]

They may have needed the bankruptcy to break the contract.

or this

[jedicurt]

I would be willing to bet that the buyout to terminate the contract any earlier exceeded the cost to continue it until this year.

My money is on: “The Loves Shack”

that's a good one... but if Hobby Lobby decides to get in this business... i'm okay with the "Hob Lob Arena"

[HangryHippo]

My money is on: “The Loves Shack”

Would be perfect, lol

[BoulderSooner]

That is wild, terminating with a single year left on the contract? Why not sever this agreement back 3 or 4 years ago? Nope, let's do it with 1 remaining, lol.

it may not have had an out until this time ..

[BoulderSooner]

would think Paycom is the leader in the clubhouse

[warreng88]

Judy Love is a staple at the Thunder Home games. My money would be on Loves to secure naming rights as it is something they are very passionate about.

The other outlier I could see would be the Chickasaws, but who knows with the gaming right thing going on with the governor.

[OKC_Chipper]

Yet another Aubrey McClendon megalomaniacal folly.

What on earth was a wholesale energy company doing spending millions on something like this? And for 12 freaking years?


It never made any sense.

Heaven forbid a local company be a partner with a local sports team. Should Enable, Continental and Devon pull all of their signage from in the Arena? Who exactly do you want to advertise with the team? Always easy to pile on Aubrey Mcclendon.

[Pete]

Heaven forbid a local company be a partner with a local sports team. Should Enable, Continental and Devon pull all of their signage from in the Arena? Who exactly do you want to advertise with the team? Always easy to pile on Aubrey Mcclendon.

Signage vs. a multi-million dollar, 12-year contract for naming rights are not remotely the same thing.

What possible business benefit would come close to justifying Chesapeake's obligation? They don't even market to end consumers.

[OKC_Chipper]

Signage vs. a multi-million dollar, 12-year contract for naming rights are not remotely the same thing.

What possible business benefit would come close to justifying Chesapeake's obligation? They don't even market to end consumers.

What possible business benefit do Continental, Devon and Enable get from signage in the arena? I’m sure there’s a contract length and financial obligation associated with those as well.

[john60]

I think Chipper's point is that Enable, Continental, and Devon are in exactly the same boat as CHK as far as type of company, but are just paying less (and getting less exposure). Maybe at a certain dollar amount it becomes unacceptable, but I think saying that they are not remotely the same thing is wrong.

[Pete]

What possible business benefit do Continental, Devon and Enable get from signage in the arena? I’m sure there’s a contract length and financial obligation associated with those as well.

There is one thing to provide a small amount of support; local companies do that in a variety of ways all the time.

We are talking about a 12-year contract for naming rights for an NBA arena. The sum total of their obligation was $42.5 million while the company was losing billions -- from the time this contract was signed until their last reported earnings, they have lost over $89 billion.

[DowntownMan]

There is one thing to provide a small amount of support; local companies do that in a variety of ways all the time.

We are talking about a 12-year contract for naming rights for an NBA arena. The sum total of their obligation was $42.5 million while the company was losing billions.

I agree small amount for signage and local support could be seen as a way to promote company for hiring purposes. Name recognition and image of support. But I agree you don’t need full on arena name to do that. Simple logo on screens and promotions in arena are most that are needed

[coop2773]

I agree small amount for signage and local support could be seen as a way to promote company for hiring purposes. Name recognition and image of support. But I agree you don’t need full on arena name to do that. Simple logo on screens and promotions in arena are most that are needed

So what other company stepped up 12 years ago? Did you guys want OKC Arena all this time? That sure would have shown the country that it's big business in OKC! I don't remember a line of companies just waiting to pony up for naming rights.

[Pete]

So what other company stepped up 12 years ago? Did you guys want OKC Arena all this time? That sure would have shown the country that it's big business in OKC! I don't remember a line of companies just waiting to pony up for naming rights.

We have absolutely no idea who was interested or may have become interested at the time.

And do you expect the arena to remain unnamed now that Chesapeake has pulled out?

[jn1780]

So they already shutdown the domain. I guess its back to OKCarena until a new sponsor is found.

https://www.chesapeakearena.com/

[DowntownMan]

So they already shutdown the domain. I guess its back to OKCarena until a new sponsor is found.

https://www.chesapeakearena.com/

Interesting. They said they would plan to use the ChK arena name until new sponsor is announced.

[HOT ROD]

Pete. I see it as more of a civic pride kind of thing where the largest (or one of the largest) companies in a city takes on naming rights and sponsorships of things in the city. Memphis has this exact same thing with FedEx and Chicago with United Airlines. Now while it probably makes more $ense for United to possibly gain passengers I'm sure it was also a pride thing of being one of the largest companies, home grown from Chicago. Otherwise, McDonald's Center would make much more sense if it were solely about using a building to generate sales, right?

You can't pick on energy companies just because their business model isn't direct to consumer. There is NO energy company other than retail gas stations that would directly benefit from advertising to its consumer via naming rights. OKC was lucky to get such a lucrative, big city naming rights deal so why should they pass it up and why should Chesapeake NOT want the advertising 'as one of the largest energy companies', homegrown from Oklahoma City, at that time. Devon sponsors even more things in OKC - anybody complaining about them not being direct to their business?

On that note, going forward I suspect naming rights will go to PayCom, Sonic, Hobby Lobby or American Fidelity. Love's already has the patch unless a swap with one of the aformentioned could be arranged. WeGoLook would be cool too!

It's honestly nice to have a diversity of local companies to pick from.