Chesapeake Energy Arena
The Oklahoma City Thunder (NBA)
Cost of naming rights:
$3 million a year
(CPK - Get Report)
slapped its name on Oklahoma City's arena less than a year ago and is already getting buyer's remorse.
Just after the company bought the naming rights in June, its share price started sliding and has dropped about 50% in the past year. Dirt cheap natural gas hasn't helped the company's bottom line, but neither has CEO Aubrey McClendon's SEC investigation. It turns out shareholders like to be told when their chairman gets a stake in well drilling and uses it to take out more than $1 billion in loans.
McClendon's stint as company chairman ended before the Thunder's playoff run. If they beat the Lakers and advance, will Chesapeake's name still be on the building in the next round?