The city of Chiba announced that they received a request to terminate a naming rights contract for Chiba Marine Stadium from QVC Japan. The city would like to discuss options with QVC Japan, but are also open to finding a new sponsor.
QVC Japan’s naming rights deal for Chiba Marine Stadium began in March 2011 and was scheduled to run until November 2020. Under the agreement, QVC Japan paid the city and Lotte a total 275 million yen a year for rights to rename Chiba Marine Stadium to QVC Marine Field. QVC Japan submitted a request to terminate their contract because they achieved some degree of success in things like improving brand recognition. The agreement does not include a section covering penalties for early termination.
Source: Sponichi 7/21/2016
[UPDATE 9/28 @ 12:31am]
QVC Japan has agreed to pay an early termination fee of 330 million yen to Chiba City and the Chiba Lotte Marines. The contract will now end on December 1, 2016, four years earlier than originally planned. Chiba City is planning to accept new naming rights offers beginning in October. They have already been contacted by a number of interested parties.