Digital Domain is canceling it’s $100,000 per year agreement for naming rights on the Mets’ stadium in Port St. Lucie as part of it’s corporate restructuring in bankruptcy court, according to Ballpark Digest.
As you’ll read below, I originally sourced the problems at Digital Domain almost a month ago and even speculated that the naming rights deal was in serious danger of being defaulted on. Nobody picked up my piece save for a link to it on MetsBlog at the time. (Thanks!)
Anyway…
New naming rights have not been announced for the ballpark.
Original Post September 8
Digital Domain is closing operations in Port St. Lucie, the company announced Friday morning.
According to a company press release, Digital Domain Media Group will be “reducing virtually its entire Port St. Lucie workforce, retaining approximately 20 employees who will remain as part of the wind-down.”
About 280 workers are losing their jobs. Employees are packing boxes at the company offices this morning.
According to Port St. Lucie Police, a Digital Domain executive flew in from California to inform employees their doors were closing.
Port St. Lucie police were called in as a precaution.
Chief Executive Officer and Chairman of the Board of Directors of DDMG, John C. Textor has resigned, effective immediately, from his positions.
The company said Digital Domain executive Ed Ulbrich has been promoted to Chief Executive Officer of Digital Domain Productions.
Earlier this week Digital Domain Media Group defaulted on a $35 million dollar loan, according to a public filing with the Securities and Exchange Commission.
This can’t be good for the Mets who have already reported they never received their July $95,000 payment for their Digital Domain Park naming rights deal. After pursuing legal action, the Mets and Digital Domain settled for $50,000. It now appears the naming rights deal is in real jeopardy.
Tradition Field became Digital Domain Park in 2010 after Digital Domain Holdings, the New York Mets and St. Lucie County finalized an agreement to grant the animation and visual effects company naming rights to the Mets’ 7,000-seat spring training home.
Digital Domain Group stock has fallen from a high of $14.65 per share to a close of .60 cents on Friday.
