Oklahoma City's downtown arena, home of the NBA's Oklahoma City Thunder, is being re-named.
Chesapeake Energy inked a long-term naming rights agreement with the arena, it was announced Friday. For the next 12 years, the arena will be known as "Chesapeake Energy Arena". The agreement includes branding throughout the building, including on the court, prominent placement on the scoreboard and digital signage inside and outside of the arena.
The agreement will have an annual cost of three-million dollars with a three-percent annual escalation.
"On behalf of the entire Thunder organization, we are extremely proud to enhance our already strong partnership with Chesapeake Energy," said Thunder Chairman Clayton Bennett. "Besides being a leader in the national and international energy industry, Chesapeake is a dynamic business and community leader in Oklahoma. Together with the Thunder's commitment to the community, it makes the naming rights partnership a perfect fit. The Thunder looks forward to many exciting years ahead playing in Chesapeake Energy Arena in downtown Oklahoma City."
"This is an exciting day for Chesapeake and its employees," said Martha Burger, Chesapeake Senior VP of Human and Corporate Resources. "We are thrilled that the arena will bear the name of our company. The Thunder represents the values we embrace at Chesapeake – integrity, teamwork, commitment, hard work and service. The Chesapeake Energy Arena and the Thunder are both strong reminders of the incredible progress our city has made in the past decade as well as the energy our citizens have demonstrated to keep building an even better and stronger Oklahoma City in the years ahead."
While the Thunder are the most high-profile tenant of the arena, it also hosts concerts and other events, attracting more than one million guests every year.