Sport Authority Obtain Naming Rights for Denver Broncos Stadium
August 17, 2011
Sporting goods retailer, find Sports Authority Inc have made a bid of $150 million over the next 25 years for the naming rights to the Denver Broncos Mile High Stadium.
Sports Authority, which is owned by private-equity firm Leonard Green & Partners (LP), won unanimous approval yesterday from the Metropolitan Football Stadium District in Denver to assume the final 10 years of the naming-rights agreement negotiated by money manager Invesco Ltd. The facility will be renamed the Sports Authority Field at Mile High Stadium.
“We were only approved for the 10-year deal, so we’ll go back to get the 15-year extension,” Jeff Schumacher, executive vice president and chief marketing officer for Sports Authority, said in a telephone interview. “Over the 25 years, we’ll invest over $150 million.”
The stadium was opened in 2001 season and Sports Authority have promised upgrades to the $500 million venue.
Sports Authority, based in Englewood, Colorado, and the Broncos approached Invesco about giving up the naming rights about a year ago.
Since it signed the 20-year, $120 million deal, Invesco has switched from being a seller of mutual funds directly to the public to one that sells through financial advisers, Doug Kidd, managing director of corporate affairs, said in a telephone interview from Atlanta.
“Our presence in Denver is smaller now,” Kidd said. “We thought this was a win-win and we can better align our marketing spin with the current way we sell funds.”
Sports Authority will “pick up all our rights and responsibility,” Kidd said.
More than 100 workers begin work today on enhancements to the stadium in time for the National Football League regular- season opener on Sept. 12 against the Oakland Raiders.