The Oklahoma City Thunder has begun the process of negotiating with potential new naming rights partners for the Ford Center arena, team officials announced today.

The original naming rights contract allowed the team to terminate the existing agreement should an NBA franchise come to Oklahoma City.

The Thunder entered into discussions with the current naming rights partner, the Oklahoma Ford Dealers, but a new agreement could not be reached. As a result, the Thunder has now officially terminated the existing naming rights agreement and entered into a period of negotiations with other potential partners.

Until those negotiations are complete, the team will have no further public comment.