Want your name on the Denver Broncos' stadium? You have until Monday night to submit your bid.
Hilco Streambank was hired by Sports Authority, which filed for bankruptcy in March, to sell one of two contracts the sports retailer had with the reigning Super Bowl champions. The contract is for the stadium naming rights and has five years and $18 million remaining on it.
"If a company is smart, they would put in a bid now because it's only going to get more expensive if the Metropolitan Football Stadium District sells it," Jack Hazan, an executive vice president at Hilco, which is managing the bidding process, said Monday.
Hazan wouldn't say if there had been any solid bids. He did say the bank would not accept bids from those in the pornography, tobacco, gambling or marijuana-related businesses. Hazan also said he isn't discounting individuals who might want to put their own name on the stadium.
After failing to garner a single bid by last Tuesday's deadline, bidding was extended to 11:59 p.m. ET Monday.
Hazan said if his company is able to make a naming deal with a company, he believes the bankruptcy court could approve the new name without needing the approval of the Metropolitan Football Stadium District or the Broncos.
The contract Hilco is selling covers the name on the stadium and a few pieces of ancillary signage outside. The Broncos managed to wrest back control of their second contract with the Sports Authority, which includes all of the rights to the Broncos' marks and all of the signage inside the stadium as well as that which appears on suite passes and tickets.
That means it's possible that a company could win the bidding and have its name on the outside of the stadium, but not have any marketing support inside. With the Broncos maintaining control of the second naming contract, the team doesn't have to refer to the new stadium name at all on the scoreboard, on tickets or anywhere else inside the venue.
That makes what is actually being sold significantly less valuable to prospective bidders, but it also could make it harder for the Broncos, who sources say are hoping to sell both contracts for $8 to $10 million a year, depending on the buyer's needs.
It's not clear how soon, if there isn't a legitimate bid by the end of the day, the rights will revert back to the Metropolitan Football Stadium District.
A $3.6 million payment that was Sports Authority's obligation is owed by Aug. 1. The first preseason game in the venue for the Broncos is Aug. 20 against the San Francisco 49ers.
Last month, Hilco sold the Sports Authority's assets, including its name and its mailing list, to one of its former competitors, Dick's Sporting Goods.