After liquidation, new name for Sports Authority Field?
Sports Authority is heading into liquidation, but its right to name the Denver Broncos’ stadium is not yet up for grabs.
But not so fast, all ye with a cheeky new name suggestion.
Even if the bankruptcy court finds a buyer, the ultimate decision to rename Sports Authority Field at Mile High will be up to the Denver Broncos and the Metropolitan Football Stadium District.
“It’s a little gray over what the court might say or do,” said Matt Sugar, a spokesman for the district. “But if the contract is broken, the Broncos and the district would be able to review and decide (on the name).”
Sugar pointed to history: Before Sports Authority, the stadium was called Invesco Field at Mile High. In 2001, investment firm Invesco agreed to a 20-year, $120 million naming rights contract — half paid to the Broncos, the other half to the district.
As Invesco shed jobs in Denver and ultimately left town in 2009, the company still paid to keep its name on the stadium.
“When it was originally Invesco, Sports Authority went to Invesco. It wasn’t something the district did. But it did have to get (renaming) approval from the Broncos and the board,” Sugar said.
Sports Authority, too, has kept
Lawmakers play call
A bipartisan bill introduced into the legislature Tuesday afternoon would ensure the name “Mile High” lives on forever, regardless of other naming deals for the Denver Broncos’ stadium. Read more about the bill at denverpost.com up with payments since filing for bankruptcy in March. The next payment to the district for $3.6 million is due Aug. 1.
“(Liquidation) doesn’t change the dynamic at this point for us. The lines of communication are open. We’re keeping in touch with the court,” Sugar said.
Similar payments go to the Broncos.
“While our relationship with Sports Authority has not changed at this time, we are monitoring this process as it pertains to our partnership and stadium naming rights agreement,” Patrick Smyth, the Broncos’ vice president of public relations, wrote in an email.
It may all come down to the Aug. 1 payment. If Sports Authority misses the deadline, a 30-day grace period kicks in, and then the district can terminate the contract.