Earthquakes Could Lose $12M If Avaya Bankruptcy Forces Name Change To Stadium
The Earthquakes' 3-year-old Avaya Stadium "might have a new name" for the '19 season after the Santa Clara-based telecommunications company has "asked a federal judge to reduce the terms of its naming rights deal as part of a bankruptcy case," according to Elliott Almond of the San Jose MERCURY NEWS. If the terms are accepted, the club "could lose" $12M they "expected to receive over the course of the original agreement that was signed" in '14. U.S. Judge Stuart Bernstein is "scheduled to rule on the proposed settlement Dec. 12." The Earthquakes have "agreed to the proposed change that would end the contract" with Avaya after the '18 season. The club in a release said that it has "started searching for a new stadium partner." The Quakes added they are "confident that we will have one in place" for the '19 season. Almond noted Avaya three years ago "agreed to a 10-year deal" for $20M. But the company "filed for Chapter 11 protection in January to restructure its financial situation" (San Jose MERCURY NEWS, 12/3).