<p>OKLAHOMA CITY — The Oklahoma City Thunder said Tuesday that Chesapeake Energy Corp. has terminated its arena naming rights agreement.</p>
<p>The move was effective immediately, though the team said the name will remain until a new partner is found. The original 12-year agreement was announced in 2011, but the Thunder said the company had <a href="https://apnews.com/article/nm-state-wire-nd-state-wire-ap-top-news-oklahoma-environment-1864d9cc4b72db244fee93636b2682d3">made its decision as part of a restructuring</a>.</p>
<p>The Thunder became a Western Conference power while playing home games at Chesapeake Energy Arena, fueled by All-Stars Kevin Durant and Russell Westbrook. The arena known locally as “The ‘Peake” hosted the 2012 NBA Finals and three Western Conference finals under that name.</p>
<p>“As Chesapeake Energy Arena, our building has been home to so many exciting and historic moments and events," Thunder chairman Clay Bennett said. “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."</p>
<p>The arena, which opened in 2002, also hosts concerts among other events that welcome more than one million guests per year.</p>
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