DENVER (CBS4)– Crews began removing the Sports Authority signage from Mile High Stadium on Monday morning as the Denver Broncos continue to search for a buyer of the naming rights.
Last week, Broncos president and CEO Joe Ellis announced that the team would remove the sign. It’s made up of 10 pieces and will likely be completely removed by Thursday.READ MORE: Snow, Rain A Welcome Sight In Colorado But Drought Still A Big Problem
“The name needs to remain in place for a while because we have some placeholder events both inside the building and in the bowl itself with some concerts and stuff,” said Ellis.
After former sponsor Sports Authority declared bankruptcy in 2016, the Broncos paid $3.6 million to take over the contract in hopes of selling the rights for a longer, more lucrative deal.READ MORE: Colorado Community Uses 'The Social Dilemma' To Ignite Conversation About Unity, Change
“At some point it’s like putting a house on the market. You ask a certain amount and if it doesn’t sell in three months people ask why it’s not selling,” says Dan Price, President of the sports branding firm Adrenalin Inc.
The right partner, according to Price, likely excludes any company outside the Fortune 500 that does not offer a consumer forward product. That would cut out companies from Colorado. It would also put to rest the ambitious effort of a marijuana dispensary sponsoring the stadium.
However, the stadium will still go by Sports Authority Field until events listed with the name on tickets are completed.MORE NEWS: COVID In Denver: Vaccine Focus Continues In Underserved Communities
Ellis said that he hopes to have a new name on the stadium by the start of the season this fall. He also confirmed that the Broncos are staying put in Denver.