Part of the Ford Center's ongoing renovation project will soon include a name change.
The Oklahoma City Thunder announced Thursday it has begun negotiating naming rights to its home arena with new potential partners.
During the negotiation period, the facility will continue to be called the Ford Center and signage throughout the building will remain intact.
The original naming rights agreement came in 2001, when the Oklahoma Ford Dealers agreed to pay $8.1 million over 15 years.
That contract allowed an NBA franchise to terminate the existing naming rights agreement if a team came to Oklahoma City, which occurred when the Seattle SuperSonics relocated here in July 2008.
The Thunder previously had discussions with the Oklahoma Ford Dealers, but a new agreement could not be reached. As a result, the Thunder officially has terminated the existing naming rights agreement and entered a period of negotiations with other potential partners.
Thunder officials said in a release the team would have no further comment until those negotiations are complete.
Since the Thunder's arrival, team owners have been free to negotiate a deal with new bidders that would guarantee the current payout of $409,000 per year to the city. Anything above that amount would have gone to the Thunder.
Given the Thunder's resounding success last season — which included 31 home sellouts, a 50-32 regular-season record and a competitive playoff appearance against the world champion Los Angeles Lakers — naming rights to the arena no doubt will come at a higher price.
So long, Ford Center; Hello Thunderdome?