(Reuters) The park born in 2000 as Enron Field for now will be called Astros Field until the baseball club can find a new buyer for the naming rights.
Enron in 1999 agreed to pay $100 million (EUR116m) to put its name on the stadium for 30 years. Wednesday's deal nullifies the remaining 27 years of the naming rights contract, and gives Enron some much-needed cash.
"It's time to move forward," Astros owner Drayton McLane said. "I am very happy that we have been able to reach this settlement and put this issue behind us."
Enron president and chief operating officer Jeff McMahon said the agreement benefited both parties, as well as Enron's creditors.
The Astros on Feb. 5 asked Judge Arthur Gonzalez to allow it to cancel the deal, which Enron opposed. Enron in a court filing said it paid the team $3.6 million to cover its obligations for the 2002 season, and was therefore entitled to stay in the contract. The Astros said the company had paid it $200,000 (EUR231,000) to buy suites and tickets since declaring bankruptcy on December 2 2001.
The Astros said in earlier court filings that the name "Enron Field" had hurt its image because of its association with the company's "alleged bad business practices and bankruptcy."
Judge Gonzalez must still approve the deal. The Astros said other companies, which it has not identified, have expressed interest in acquiring the rights. No naming deal be would ready in time for the start of the season on April 2, McLane told reporters.
In Enron's better days, the field stood as the most visible example of its success and civic role in Houston.
