DENVER (CBS4) – The Denver Broncos and the Denver Metropolitan Football Stadium District are hoping the next corporate name for the stadium where the team plays is the charm. Remember Invesco Field at Mile High? That company went through a bankruptcy. Then came Sports Authority Field at Mile High. Sports Authority is bankrupt and gone.
So what, you may ask, is Empower — the name behind Empower Field at Mile High?
It boasts that it’s the second largest retirement planning company in the U.S. and oversees 38,000 retirement plans.
“We serve almost every kind or workers from employees from some of the biggest Fortune 500 to thousands of small business to companies to government workers and those that serve nonprofit institutions,” Ed Murphy, the president and CEO, told reporters at a news conference.
The Greenwood Village-based Empower has been a business partner of the Broncos for several years, but now has decided the take the plunge to get it’s name out there.
“It’s creating tremendous amount of pride among our associates, many of whom have grown up here. But we’re also increasing brand awareness around our commitment to this community to prospective employees,” said Murphy.
The naming rights money is to be split between the stadium district and the Broncos in hopes of keeping the 18-year-old facility around a lot longer.
“Their substantial commitment over the next 21 years allows us to keep this building modernized whether it’s in the form of maintenance or capital improvements,” Broncos President and CEO Joe Ellis said.
The contract for Empower shows they will pay the stadium district just $351,000 the first year, $1.25 million the second year, then $3 million a year after that. The contract goes 21 years. The amount to go to the Broncos is private, but assuming they get half, that totals about $6 million a year.