DENVER (AP) – Invesco Field at Mile High may be in for a name change.
Englewood-based sporting goods company Sports Authority is negotiating with Invesco Ltd., the Broncos and the Metropolitan Football Stadium District to assume the naming rights of the stadium.
According to the Denver Post, Sports Authority will pay $150 million over the next 25 years for the right to have its name on the Broncos’ stadium if the parties agree.
Invesco Funds Group, a Denver- based mutual fund group, signed a 20-year, $120 million deal for the naming rights that was set to expire in 2020. From those naming-rights revenues, 50 percent goes to the stadium district and 50 percent is allocated to the Broncos.
That same split would be retained in the proposed deal with Sports Authority.
Invesco was hit hard by the downturn in tech and growth stocks soon after signing the naming-rights deal. The company folded its operations into AIM, a related mutual fund group based in Houston.
The combined group, Invesco AIM, still has its stadium lease. Last year, the Atlanta-based company changed its name back to Invesco.
Invesco said it is not looking to end its relationship with the Broncos, but the company has changed its business model from selling directly to consumers to pitching to financial advisers.
With consumers, advertising can pay dividends, while signage has less impact on financial advisers.
A Broncos’ sponsor for several years, Sports Authority has more than 30 stores and 1,000 employees in the state.
TOP SPOTS: Guide To Invesco Field At Mile High
(Copyright 2011 by The Associated Press. All Rights Reserved.)