the source came from the filing itself .. I gave you the reasons why no sports company would want its reputation tainted by spongy
would you?
have you seen any legal agreement stating spongy had an early out?
contract runs through the 2011 season ..
and in the agreement the Yankees went on to say .. the Yankees determine that the continued association with the Company will be injurious to its reputation or goodwill
On March 20, 2009 we entered into a sponsorship agreement with the New York Yankees Partnership (the "Yankees") for the right to display advertising signage at the stadium during each regular season of the Term of the Agreement. In addition, pursuant to the sponsorship agreement, the Company will receive certain additional advertising and sponsorship benefits. The Agreement expires on the later of November 1, 20011 and the conclusion of the final game of the 2011 season. The Yankees has the right to terminate or amend the Agreement if (i) during the term the term the Yankees shall change, structurally alter or demolish the stadium in a manner which would affect its obligations to perform the Agreement, (ii) the Yankees grant naming rights to the Stadium without effectively changing the name, or (iii) the Yankees determine that the continued association with the Company will be injurious to its reputation or goodwill. The Agreement may also be terminated if (a) the Company fails to make required payments under the terms of the Agreement, (b) the Company shall breach or fails to perform any conditions, covenants or obligations under the Agreement which breach is not cured within a specified timeframe, (c) the Company shall file for bankruptcy, receivership, insolvency or involuntarily has a proceeding initiated against it which is not dismissed within a specified timeframe, and (d) the Company makes a general assignment for the benefit of the creditors.
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