Missouri State University and JD Holdings LLC have reached a JQH Arena settlement for the remaining naming rights funding owed by the Revocable Trust of John Q. Hammons, pending court approval.
JD Holdings will pay $8.4 million over four installments beginning in 2019 and ending in 2022 to settle claims related to the 11,000-seat arena at 685 S. John Q. Hammons Parkway. The company paid $1.8 million in May for a total settlement sum of $10.2 million, according to an MSU news release.
MSU General Counsel Rachel Dockery said a JQH Arena name change may be on the horizon.
“We’re in the process of marketing those naming rights,” she said.
Dockery said the process should take six to 12 months.
JD Holdings took control early this year of late hotelier John Q. Hammons’ assets for roughly $1 billion through bankruptcy proceedings. Its Atrium subsidiary assumed management of Hammons’ hotels and resorts around the start of the summer.
The Revocable Trust of John Q. Hammons made payments totaling $24.4 million to MSU for naming rights. The balance of that payment obligation transferred to JD Holdings following the bankruptcy ruling, according to the release.
More than a decade ago, Hammons pledged $30 million toward the $67 million JQH Arena, agreeing to pay $1.9 million per year, according to past SBJ reporting. JQH Arena opened in 2007.
The settlement was approved by the MSU Board of Governors Executive Committee on Sept. 19, followed by approval from the Foundation Board of Trustees on Sept. 21, according to the release. Terms were submitted to the bankruptcy court for final approval.
"We are very pleased with the settlement agreement. We think the terms are fair,” MSU President Clif Smart said in the release. “And we’re optimistic that between the settlement and the resale of the naming rights, the university will recoup the amount still owed.”
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