ENGLEWOOD, Colo. -- The Broncos are "optimistic" they will be able to secure a new sponsor for Sports Authority Field at Mile High before the start of the season, president and CEO Joe Ellis said Monday.
“We’re still having ongoing discussions with our agency [WME | IMG]. I’m going back to New York here for a couple of consecutive visits," Ellis said in a statement from the annual NFL meetings in Arizona. "I’m going to try and catch up with WME | IMG and see how much further they have gotten.
"I can’t disclose who they are talking with. I’m still optimistic we’re going to get a deal done prior to the season, but no promises because you have to get the right deal."
Ellis wants to find a deal that is good for the Broncos and the community, and one that will allow the team to fund future improvements and repairs on the stadium.
"There are a lot of different components to it. It’s not just putting a name on the building," Ellis said. "There are some developmental issues to the south of the stadium that have been talked about. We’re looking at that as part of the deal. A lot of different moving parts and we’re still working hard on it.”
In August, the Broncos emerged as the highest bidder to assume the contract for naming rights to the stadium after Sports Authority filed for bankruptcy.
The U.S. Bankruptcy Court granted the team the naming rights in November.
Sports Authority had five years left on its contract worth $19.2 million when the company filed for bankruptcy in March 2016.
Sports Authority, which has had its name on the stadium since 2011, enlisted Hilco Streambank to market the contract.
It said several companies expressed interest, but no cash bid for the contract was received, according to a U.S. Bankruptcy Court filing.