Dick's Sporting Goods placed the winning bid Wednesday for Sports Authority's brand and intellectual property, according to national media reports.
The U.S.'s largest sporting goods retailer offered $15 million for Sports Authority's website, loyalty program and customer files. For an additional $8 million, Dick's plans to take over the leases for 31 of Sports Authority's 464 stores, Reuters reported Thursday.
The deal still needs to be finalized by the two longtime competitors and get approval from a U.S. bankruptcy court judge.
Sports Authority filed for bankruptcy in March.
Because the results of Wednesday's auction have not yet been publicly announced, Reuters and the Wall Street Journal cited "people familiar with the matter" and "people familiar with the situation" in their reports.
Wednesday’s auction did not include Sports Authority’s naming rights for Mile High Stadium.
The Englewood-based company accepted bids for the naming rights until Monday. Hilco Streambank, the private company handling the bidding process, declined to comment on the results.
It's unclear if Dick's made a bid to get on Mile High's marquee. In 2010, the Pennsylvania-based company signed a 20-year contract with the Colorado Rapids to be the lead sponsor for Dick's Sporting Goods Park in Commerce City.
Dick's did not immediately respond to a request for comment.
Business & data reporter Adrian D. Garcia can be reached via email at [email protected] or twitter.com/adriandgarcia.
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