AT&T says it will not renew its naming rights agreement with the San Antonio Spurs.
As first reported in Front Office Sports, AT&T says it is reassessing its debt load and looking for cost-cutting measures.
The telecom giant also sold it's minority stake in the team in recent weeks.
AT&T’s naming rights agreement with the Spurs was about 2 million dollars, which was one of the least expensive naming agreements seen in professional sports up to date.
It’s expected the arena will remain known as AT&T Center until the contract expires in fall of 2022.
With the Spurs valued at $1.85 billion, it’s estimated that AT&T made about $125 million from its original investment in the Spurs more than two decades ago.
Jennifer Gonzalez contributed to this report
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