SAN JOSE (KCBS) – Hewlett-Packard wants to terminate its multi-million dollar naming rights deal for the arena known as the HP Pavilion, home of the NHL’s San Jose Sharks.
According to AllThingsD, HP CEO Meg Whitman wants out of the $3.25 million annual contract as early as this summer, in time for the 2013-14 hockey season. HP has been struggling financially and is reevaluating its corporate program and event sponsorships. The $47 million, 15-year naming rights deal, is scheduled to end in 2016.
In the meantime, San Jose will have to start looking for new corporate sponsor for the city-owned arena unofficially, and popularly, known by hockey fans as the Shark Tank.
SAP, a German software company, is said to have interest in taking over the rights, but neither they nor HP has made an official statement.
(Copyright 2013 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)