Astros Want to Drop Enron Name From Stadium

Reuters via NYTimes.com ^ | 2/5/02

[GeneD]

Filed at 1:20 p.m. ET

HOUSTON (Ticker) - The Houston Astros want out of their naming rights agreement with the Enron Corporation, the embattled energy company that recently filed for bankruptcy.

The Astros on Tuesday filed a motion in the United States Bankruptcy Court for the Southern District of New York asking the court to determine whether the naming agreement with Enron should continue.

The National League club signed a 30-year agreement with the company in April 1999 to call the new playing facility Enron Field. While the deal may provide income to the Astros, the stadium name has become a public relations nightmare since thousands of Houston-area residents lost not only their jobs but their pensions when Enron filed for bankruptcy.

``The Houston Astros have been materially and adversely affected by the negative public perception and media scrutiny resulting from Enron's alleged bad business practices and bankruptcy,'' said Astros president of business operations Pam Gardner. ``We have worked diligently with Enron to transition the stadium name, but we've been unsuccessful. At this point, we have no other alternative but to seek relief from the bankruptcy court.''

According to the Astros, Enron has spent the bankrupt estate's assets by paying approximately $108,000 for a suite and paying nearly $90,000 for box seats. The Astros claim that Enron wishes to sell the naming rights without the consent of the team.

``We do not believe that it is appropriate for Enron to continue to spend these large sums of money to have a baseball stadium named after it because the name of the stadium can not be changed without the Astros consent, so the naming rights Agreement has no economic value to Enron,'' Gardner said. ``We believe that it is now time for the bankruptcy court to determine whether the naming rights agreement should continue.''

Enron has made three annual rights fee payments under the naming rights agreement totaling $10.25 million, and the next rights fee payment of approximately $3.65 million is due on August 31, 2002.

Enron also agreed to purchase on an annual basis a 14-person suite and 35 Box Seats. The company paid approximately $108,000 for the 2002 suite on January 22 and paid nearly $90,000 for the 2002 box seat tickets on Monday.

[weegee]

We can't even park at the old parking lot because they have double built all of the structures (old and new arenas, stadiums, etc.) They can't tear them down until construction is complete and even then the Dome will sit vacant until the Olympics decision is reached.

Right now, people visiting the dome (for the rodeo, etc.) are being told to park&ride or park across the street.

I still haven't seen a single bit of track for the rail system. All that has been done is sewage, fiber optic, and other upgrades.

Again, the voters were lied to because they were told if they voted (last November) to abandon the rail that city hall put through, all of that downtown destruction would be for nought.

Any wagers as to which political party lied about the stadium, lied about the rail, etc.?

P.S. - Yes I know that there were a few cross-over endorsements but the campaign circuit was pushed primarily by one party....

[FreePaul]

• BTW, Enron got naming rights on the new stadium for $100million for 30 years. The stadium itself cost $300million(+) to build.
• Reliant Energy bought the naming rights to the Astrodomain (The Astrodome, the Astrohall, the Astroarena, plus the new football field) for $300million for 30 years.

Lest anyone be confused, the money mentioned above does not go to any government or pseudo governmental agencies. It goes to the team owners. Another part of the major scam.

[ArGee]

Well, Mac doesn't ask me, but I think he'd be better served in the local market by sponsoring give-aways at the games, like calendars, sports bags, etc, than by having his name on the stadium. To me that seems a national attention grabber.

But if Mac wanted to invite me to his box to discuss it, I'd be open. ;)

Shalom.