After months in limbo, we finally had some movement today on the issue of naming rights for what is still technically known as Sports Authority Field at Mile High.
Yes, it looks like the Sports Authority name will remain on the stadium — for a little while longer, anyway.
The Denver Broncos have now taken over the remainder of the bankrupt retailer’s contract, with the aim of finding a new long-term naming rights partner.
Hilco Streambank, the firm tasked with handling Sports Authority’s liquidation, had put the rest of the contract on the open market. Despite some interest, no cash bids materialized.
As such, the team decided to step in and made a deal.
“This acquisition streamlines the process for securing the best possible long-term partnership for the naming rights to our stadium,” the Broncos said via press release. “There is no timetable for securing a new naming rights agreement, and the name of the stadium—Sports Authority Field at Mile High—has not changed at this time.”
The agreement between the company and the team means that Sports Authority will pay the Broncos $50,000, while the Broncos will forgive $1.1 million that the team is still owed.
The deal will release any and all legal claims against Sports Authority.
“It was important for us to step up and assume this contract to expedite the shared goal we have with the Metropolitan Football Stadium District of finding a new naming rights partner,” said Broncos president Joe Ellis. “Together with the MFSD, we understand how important naming rights are to the future of our stadium.”
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Naming rights revenue is primarily used for capital improvements and maintenance on the stadium, an attempt to avoid the need for public funding.
“That’s a revenue source we take very seriously,” stadium district spokesman Matt Sugar said. “We’re trying to avoid any future public funding.”
So who might take on the name? We’ll have to continue to speculate until we hear something official from the Broncos organization.