Deadline arrives for bids on Sports Authority Field naming rights
Sports Authority Field at Mile High is still the official name of what most people refer to as Mile High Stadium — home of the Denver Broncos.
But that won’t be the case much longer.
Tuesday, July 19 at 5pm Eastern is the official deadline for proposals from anyone who is interested in owning the naming rights to the Broncos’ home for the next few seasons.
Hilco Streambank is handling the transaction.
There are 5 football seasons still remaining under the contract, so whoever buys the rights would assume the existing contractual payments of about $6 million for each of the final years on the deal.
The winner will also have to replace the current signage at their own expense.
Beyond The Broncos
The stadium is currently home not only to the Denver Broncos of the NFL, but also the Denver Outlaws of Major League Lacrosse.
Mile High also plays host to the annual Rocky Mountain Showdown college football rivalry game between the Colorado Buffaloes and the Colorado State Rams.
All of that extra exposure is part of the deal.
How Did We Get Here?
The stadium’s naming rights contract was originally entered into by Invesco Funds in 2001. But a decade later, the company had switched strategies and stopped marketing themselves to general consumers.
Owning the rights to an NFL stadium didn’t make a whole lot of sense.
The once mighty sporting goods retailer filed for Chapter 11 bankruptcy earlier this year
So as part of that move away from mass marketing, Invesco sold the Mile High naming rights contract to Sports Authority in 2011.
Most Sports Authority stores around the nation are now either closed or in their final days of inventory liquidation sales.
The once mighty sporting goods retailer filed for Chapter 11 bankruptcy protection earlier this year. Soon after, they were forced to accept plans to wind down operations and auction off all of the company’s assets.
The chain had deep roots in Denver, where Gart Sports was founded in 1928. Gart merged with Sports Authority in 2003, and the combined company continued to acquire other chains as part of an on-going consolidation in the sporting goods retail space.
Despite what you may have heard, the NFL and Broncos have the right to veto any deals that don’t meet certain standards, so don’t expect any of Colorado’s legal marijuana firms to swoop in.
“As the Super Bowl champions, there will likely be many nationally televised games,” a Hilco Streambank executive vice president notes. “This is not an opportunity that comes along very often.”
Maybe a certain Bronco who is suddenly flush with cash should take some of his newly acquired wealth and force John Elway to report for work at the new Von Miller Field at Mile High?
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