Savvis ends naming rights deal for downtown arena
By Matt Sepic, KWMU
St. Louis – St. Louis-based Savvis communications announced Thursday it has ended its naming rights agreement for the Savvis Center downtown.
A statement on the company's website says Savvis agreed to an early termination of the agreement with Kiel Center Partners Incorporated.
The agreement had been set to expire in 2020. But Savvis paid $5.5 million to back out of the deal.
Savvis says the Kiel Center Partners still have the option to keep Savvis's name on the arena.
The company says it is not having cash flow problems.
Savvis had originally agreed to pay $62 million in annual installments for the naming rights.