The Denver Broncos are officially in charge of finding someone to take Sports Authority’s place on the Mile High Stadium sign.
In early August, the Broncos asked the judge overseeing Sports Authority’s bankruptcy case to take over the naming rights for the stadium. That request was officially approved Tuesday, according to a court filing.
The Broncos asked for naming rights Aug. 2 after Sports Authority missed its $3.6 million payment for the naming rights contract.
The reigning Super Bowl champs will work closely with the owner of the stadium, the Denver Metropolitan Football Stadium District, to find a new sponsor to replace Sports Authority, district spokesman Matt Sugar said.
“Ultimately, they own the rights, though,” Sugar said.
The Denver Broncos didn’t immediately return an email from Denverite. It’s unclear if any companies are already negotiating with the team for the sign sponsorship.
“Sports Authority Field” is expected to remain on the marquee for the time being, Sugar said.
Sports Authority worked with Massachusetts-based Hilco Streambank on several failed attempts to find its Mile High replacement. The sinking Englewood-based sporting goods retailer filed for bankruptcy in March and planned to close all of its stores this summer.
Sports Authority had been paying the district for the naming rights. This decision lets the retailer off the hook. The Broncos agree to pay Sports Authority’s missed payment to the district, and the team drops a separate $1 million claim against the retailer in exchange for $50,000.