Heinz is "highly unlikely" to renew its naming rights deal with the Pittsburgh Steelers once their current contract ends in 2021, Sports Business Journal reports.
Why it matters: Kraft Heinz signed a 20-year, $57 million naming rights deal in 2001 (the 57 number being a reference to the "Heinz 57" slogan). That means they pay roughly $2.85 million per year — well below market value.
An 18-month Senate investigation has found that the U.S. Olympic and Paralympic Committee and USA Gymnastics "knowingly concealed" the sexual abuse of gymnasts by a team doctor, the New York Times reports.
Driving the news: As a result of the investigation, a bipartisan bill known as the Empowering Olympic and Amateur Athletes Act of 2019 will be introduced today by Sens. Jerry Moran (R-Kan.) and Richard Blumenthal (D-Conn.).
