Broncos look to cancel stadium deal after Sports Authority misses payments

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Sports Authority Field at Mile High

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DENVER -- The Broncos are calling it game over with Sports Authority after the bankrupt sporting goods retailer missed payments on its deal for the naming rights to the stadium.

The going-out-of-business sale at all Sports Authority stores might help pay some creditors, but it's not going to be enough to cover the outstanding bill for the naming rights to Sports Authority Field at Mile High.

The deal calls for Sports Authority to make quarterly payments to the team. That has not happened and Sports Authority is behind, so the Broncos are claiming the retailer has breached its contract.

In papers field in court, the Broncos charged "because of the protections afforded by the bankruptcy code, Sports Authority continues to enjoy exlusive sponsorship rights ... despite its failure to make two quarterly payments totaling more than $2 million."

The next payment due from Sports Authority is $3.6 million on Aug. 1.

 

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