According to multiple reports, the Oklahoma City Thunder has found a new naming rights partner for the Thunder’s arena: Paycom.
BREAKING: Sources tell me Paycom has secured the naming rights to what was Chesapeake Energy Arena. I’m told an official announcement is expected this week.— Dylan Buckingham (@DylanBuckingham) July 27, 2021
Can confirm @DylanBuckingham’s report on Paycom obtaining the naming rights to the Thunder’s arena in Oklahoma City.— Nick Crain (@CrainNBA) July 27, 2021
I’m told this is something that’s been in the works for quite some time now.
Chesapeake Energy terminated their naming rights agreement in April.
Chesapeake Energy Corporation filed for Chapter 11 bankruptcy in June 2020 due to lowered oil and gas demands from the COVID-19 pandemic.
The corporation was co-founded by former Thunder owner Aubrey McClendon, who died in 2016.
The arena was formally called Chesapeake Energy Arena for nine seasons, from 2011 to 2021.
The company owned the naming rights for the arena in a 12-year, $34M deal that runs through the 2022-23 season.
Instead of re-signing or letting the deal expire, the company decided to sell the rights in April. And with the Chesapeake signages spotted being removed less than two weeks ago, it looks like an announcement of a sale was inevitable.
11 days later and multiple reports have confirmed that Paycom will own the naming rights of the building.
Paycom is a locally owned business that specializes in digitalizing comprehensive Human Resources and payroll technology with data.
The arena was formally known as the Ford Center from 2002 to 2010 and then the Oklahoma City Arena in 2011.
It has been the home to the Thunder since they originally relocated to Oklahoma City in 2008.
It was also the temporary home of the New Orleans Hornets from 2005 to 2007, as Louisiana recovered from Hurricane Katrina.