It’s 2019 but Denver Broncos Stadium is still facing a number of issues. Some of which were supposed to be resolved years ago. The naming rights sponsorship is also such a controversy that broncos stadium is dealing with, since 2016. Find out the complete background of the problem and the current progress that has been made recently.
Thousands of commuters have noticed the new but temporary name of Denver Broncos Stadium after June 20, 2018. Earlier, the signage was named as Sports Authority Field at Mile High. And they did not change it for about two years after the liquidation of its sponsor Sports Authority. Until recently, the team made a request to the Metropolitan Stadium District for a temporary name change. This request got approved and they replaced Sports Authority banner with a new one featuring Broncos Stadium at Mile High.
“With the season fast approaching, we’re pleased that the MFSD has approved the temporary name of ‘Broncos Stadium at Mile High”, said Mac Freeman, Broncos Chief Commercial Officer in his recent statement. He further added; “While fans will notice some new signage going up around the stadium reflecting this change, we remain completely focused on securing a long-term naming rights partner”.
Previous Denver Broncos Sponsors
The Stadium opened in 2001. Then Invesco purchased its naming rights for $160 million with an annual installment of $6 Million in a 20-year contract. The stadium continued to function under the name Invesco Field at Mile High till 2011. Then Invesco decided to transform its marketing strategy. And transferred the naming rights to Sports Authority, a sports retailer with headquarters in Englewood, Colorado. They even added an extension of 15 years to the contract.
Unfortunately, the deal did not last long. Because Sports Authority was facing major financial crises and was unable to pay the annual sponsorship fee. It ended up filing for chapter 11 bankruptcy in 2016 and got liquidated by the government.
According to experts, one major reason for the company’s failure was this contract itself. Because it had no strong base for paying such a huge fee. In addition to this, they were also lacking investment for leveraging and other marketing activities. Hence failed to continue doing business and claimed for bankruptcy.
Meanwhile, the Denver Broncos adopted a solution and purchased the rest of the contract from MFSD for $3,601,890. After that, they were free to find and partner with any sponsor on their own. Now it’s 2019 already but the Stadium have not found the right partner yet. It the team is still suffering from the issue like lost revenue.
Prospective Sponsors of Denver Broncos Stadium
The main reason that Broncos have waited for this far was that they wanted to find some strong brand. So that they may build a long-term business relationship. In fact, they don’t want to end up with the new sponsor same as Sports authority. But we have seen some progress in the past regarding this issue. The president of Broncos Stadium Joe Ellis was quite optimistic about their deal with a new sponsor. He attended the NFL’s Annual meeting held on March 25, 2019, and shared his thoughts about the current progress.
“We’re narrowing down on some details with a company, and I’m really hopeful we can bring a deal to closure. Will it be before the start of the season? I don’t know.” He further added; “And that’s probably what makes it trickier,” Ellis said. “But a long-term partner is usually one who has great vision and great stability, and I’m hoping we can find the right opening for that.”
According to this statement, it is clear that a serious discussion is going on between Broncos and a prospective sponsor. However, Ellis did not reveal the name of the company they are dealing with.
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