Stadium district approves Empower naming-rights deal

The Broncos’ 21-year contract for stadium naming rights was formalized Friday by unanimous vote with financial terms aimed to keep Empower Field at Mile High modern and operational nearing its third decade hosting NFL football.

The Metropolitan Football Stadium District, a public-appointed board representing seven Colorado counties tasked with managing resources for stadium upkeep, hosted an open meeting as the final stamp of approval for its partnership with the Colorado-based retirement solutions company. Two Denver residents, including a former longtime season ticket holder, voiced concern over the contract with a desire to keep the name “Mile High” with no corporate sponsorship.

When addressing the financial impact, though, it’s easy to understand why the board moved quickly to approve the new deal. Below are the approved contract details:

• Empower’s naming-rights deal is split between two entities: the MFSD and the Broncos.

• The stadium district’s contract, a public record, shows it will receive “rights fees” of $3 million annually over the next 21 years; with the first two years prorated by the Broncos. The MFSD previously received $3 million annually from its naming-rights contract with since-defunct Sports Authority.

• The Broncos’ contract, a private sponsorship deal, was not made available by the team, but its annual terms are comparable to the stadium district deal, a source confirmed to The Denver Post.

• A “mutual termination option” is available 12 years into the contract with notification required by no later than Dec. 31, 2028.

• The goal is to have temporary Empower logos/signage in and around the stadium by Sept. 15 for the team’s home opener against the Chicago Bears. Permanent fixtures are scheduled to be completed by no later than May, 31, 2020.

• The MFSD and Broncos terminated their previous contract in which the team bought out the annual naming-rights payments from Sports Authority.