Santa Clara, California (The Adobo Chronicles) – Levi Strauss & Co. today announced that it is withdrawing from its $220 Million, 20-year agreement with the San Francisco 49ers for the naming rights to the new football stadium in Santa Clara.

Levi’s Stadium just opened this summer to become the new home of the 49ers following the closure of Candlestick Park in San Francisco.

Levi’s CEO Chip Bergh made the stunning announcement following today’s disappointing 49er loss to the St. Louis Rams. Today’s loss puts the 49ers at 4 wins and 4 losses in the current National Football Conference season. They now trail The Arizona Cardinals and the Seattle Seahawks in the NFC West Division.

“We don’t want our name to be associated with a losing team,” Bergh said, adding that “we would rather pay a penalty and default on our contract with the 49ers.” Levi’s will pay an undisclosed hefty penalty for breaking the contract.

49ers CEO Jed York said that he is currently in talks with underwear company Jockey for a deal to rename Levi’s Stadium to Jockey Stadium.

Jockey is the same company that produced and gave away 2,000 limited edition underwear marked ‘Mad Bum’ to honor SF Giants’ Mad Bumgarner’s fantastic season that led to the team’s third World Series title in five years.

Well, Jockey has some kind of nice ring  to it, as long as fans don’t mistake it to be a hockey stadium.