Enron representatives have maintained from the beginning that the firm's name on Houston's premier baseball stadium was a valuable asset to the company, but the cash-hungry, bankrupt company has accepted the Astros' offer of $2.1 million and is being released from all obligations for control of the naming rights.
"We are pleased to have resolved this issue with the Astros with a deal that is beneficial to all parties, including Enron's creditors and the City of Houston," says Jeff McMahon, Enron's new president and COO.
The US Bankruptcy Court for the Southern District of New York must sign off on the agreement before it's a done deal. Nonetheless, the Astros team intends to immediately start scouting the field for a new partner for the naming rights. Astros owner Drayton McLane yesterday told the press that the club would take a long hard look at any potential candidate.
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