Denver Broncos to acquire naming rights to Mile High Stadium
By Jessica DiNapoli and Tom Hals
NEW YORK/WILMINGTON, Del (Reuters) - The Denver Broncos professional football team will acquire the naming rights to its Mile High Stadium from Sports Authority after the bankrupt U.S. sporting goods retailer failed to find a new sponsor for the venue, according to a Tuesday court filing.
The deal comes less than three weeks before the Broncos' first preseason game against the San Francisco 49ers on Aug. 20. The National Football League regular season begins Sept. 8.
Sports Authority acquired the naming rights in 2011 but the chain filed for bankruptcy in March, citing, in part, debt from a buyout and loss of market shares to rivals.
The retailer extensively marketed its naming rights for the stadium as part of the sale of its assets, but no cash bids came in, according to the filing.
Sports Authority extended the deadline for bids on the rights several times, as potential buyers considered the contract, which runs for five seasons until 2021, according to an advertisement for it.
The retailer contacted more than 200 potential buyers, and seven looked at the online data room for the contract, according to the filing.
A spokesman for Sports Authority did not immediately return a request for comment.
The Denver Broncos said in a statement that the name of the stadium, Sports Authority Field at Mile High, has not yet changed, and there was no timetable for securing a new naming rights agreement. Continued...