Locked into a 30-year naming rights agreement that Houston baseball fans feared would have led to a plethora of “strike out” jokes this year, Enron Corp. on Wednesday announced a settlement agreement that voids its contract with the Houston Astros Baseball Club and will remove the Enron logo from the city’s plush downtown stadium. The logo has been on the stadium since it was completed two years ago.

The Astros team has begun negotiations for new naming rights with about seven companies, and a new agreement could be reached before the season starts April 2, said team owner Drayton McLane. He said each of the interested companies had a “national or international presence,” but until an agreement is reached, the stadium will be called Astros Field.

Enron COO Jeff McMahon said the issue had been resolved in a “deal that is beneficial to all parties, including Enron’s creditors and the City of Houston.” He said, “This agreement allows the Astros to move forward in securing a new sponsor for their state-of-the-art ballpark and world-class baseball organization.”

Under the terms of the settlement, the Astros have agreed to pay the estate the sum of $2.1 million and release Enron from all obligations under the contract. As a result, the Astros have the right to immediately negotiate a naming rights agreement with a new partner. While both parties have agreed to the terms of the settlement, the U.S. Bankruptcy Court for the Southern District of New York must review and approve the terms of the settlement before it becomes final.

When Enron Field opened in 2000, Enron agreed to pay $100 million over 30 years for the naming rights. Enron had already paid $3.6 million for its name to remain on the field through Aug. 31, but the Astros wanted it removed before the season started, reimbursing Enron for the remainder of its contract.

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