The Denver Broncos are seeking to prevent Sports Authority from selling the Mile High Stadium naming rights and team sponsorship deal as part of its bankruptcy reorganization.
According to a court filing, the Broncos and the Denver Metropolitan Football Stadium District are asserting the naming rights or its team sponsorship can’t be sold or transferred without written consent.
On Sunday, Sports Authority filed for court approval to hire AccuVal to appraise intellectual property assets including trademarks, trade names and the “Mile High Denver Stadium” naming rights, according to a letter from Gordon Brothers-AccuVal included in the court documents.
A number of Sports Authority store leases and other assets hit the auction block on Monday morning in an auction held at the law offices of Sports Authority’s counsel. It’s expected to take a few days to determine the outcome.
According to a Wall Street Journal article on Friday, liquidators and competing retailers including Dick’s Sporting Goods, Academy Sports & Outdoors and Modell’s Inc. submitted bids last week as part of the process. Sources told the Journal called the bids from retailers were “disappointing.” An analyst previously speculated that Dick’s could vie for 80 to 180 leases.
The asset sale is schedule to close at end of May.