Broncos Want to End Sponsorship Agreement With Sports Authority
You can't miss those giant letters on Mile High Stadium when you rive by it on I-25... SPORTS AUTHORITY FIELD AT MILE HIGH. Those letters could be gone soon and replaced with a new logo.
The sporting goods giant will soon be no more after filing for bankruptcy and the Super Bowl champions, Denver Broncos want to sever ties with the soon to be defunct company after missing two of their quarterly sponsorship payments in February and May effectively breaching the contract.
The Broncos have filed a motion with the U.S. Bankruptcy Court in Deleware stating “Yet, because of the protections afforded by the bankruptcy code, (Sports Authority) continues to enjoy exclusive sponsorship rights as provided for in the sponsorship agreement despite its failure to make two quarterly payments totaling $2,105,945.00,” the Broncos said in the filing.
According to an article in the Denver Post, the stadium district and the Denver Broncos are attempting to block Sports Authority from selling off or auctioning with Mile High Stadium and the Denver Broncos.
As of May 19th, the only company to submit a letter of interest in naming rights to the stadium district was cannabis vaporizer company, O.penVape.