DENVER -- The update on the naming rights for Mile High Stadium is that there is little to update.
The Metropolitan Football Stadium District Board met Tuesday morning at (insert name here) at Mile High. The board approved a change to the payment plan for the Denver Broncos, which took over the naming rights from Sports Authority, after a judge approved the transfer in bankruptcy court last month.
"The Broncos have been working diligently on moving this forward to seeking a new naming right partner for the district and the team," said Board Spokesman Matt Sugar.
The Broncos asked the board to approve a quarterly payment plan, instead of the yearly plan that Sports Authority took over when it bought the naming rights from Invesco.
The Aug. 1 payment was for $3.6 million. Sports Authority failed to make the payment, and was given 30 days' notice to pay. Sports Authority hired a marketing firm to sell the remaining five years on the naming rights contract. No bidder was announced until the Broncos filed a motion seeking to take over the payments. Almost $20 million is due through August 2020.
"Needless to say, they're not looking at a short-term fix, meaning a five-year. They're looking at a 10-year, if not longer," said Board Chairman Ray Baker.
The board approved a new agreement, allowing the Broncos to pay in four installments, starting with about $900,000. The quarterly agreement will not transfer to a new naming rights partner.
"Their other point of going to a quarterly payment is just, in their estimation though they haven't told me this, they'd only like to make one payment," said Baker. "I would read a bit into the tea leaves that they're trying hard (to) secure something before the end of the year. They've made it very clear that this is not an asset they plan to own."
The board will have to approve any agreement the Broncos make to sell the naming rights. Money received from the naming rights contract goes into a fund for stadium improvements.