ENGLEWOOD, Colo. (KDVR) — The Broncos have reached a 21-year agreement with Empower Retirement to rename the team’s stadium Empower Field at Mile High, 850 AM KOA reported Wednesday.
The Greenwood Village-based company is the nation’s second-largest retirement plan provider.
The company will have its name on the stadium through 2039. How much it is paying each year was not disclosed.
In June 2018, the district approved a plan to rename the stadium Broncos Stadium at Mile High.
That replaced the name Sports Authority Field at Mile High, more than two years after the sporting goods company went bankrupt and closed all of its stores.
The Metropolitan Football Stadium District, which owns the stadium, must approve the deal, but that’s expected to happen.
Sports Authority took over naming rights of the stadium in 2011. When it went bankrupt, it tried to sell the naming rights, but no new company came forward to put its logo on the home of the Broncos.
Sports Authority had five years left on its contract that was worth $19.2 million. When it failed to make a $3.6 million payment in August 2016, the former retailer was in breach of its contract.
Sports Authority tried to market the contract. Several companies expressed interest, but no cash bid for the contract was received.
The Broncos struggled for the past three-plus years to find a company to pay millions of dollars to puts its name on the stadium.
The money from naming rights goes to repairs, renovations and upkeep of the stadium, which opened in 2001.