INVESCO Funds of Denver has offered to pay $120 million to puts its name on the new football stadium of the Denver Broncos, according to Tim Romani, executive director of the Metropolitan Football Stadium District of Denver in a statement to the District's board of directors today.
The proposed name is "INVESCO Field at Mile High," according to the statement. INVESCO would pay $4 million in 2001 and four percent more per year with an increased amount in year 20 to bring the total to $120 million. The money would be split evenly between the District, which would use the money to lower local taxes, and the Denver Broncos, according to Romani.
Currently, the INVESCO proposal is the only one that is in front of the board and another proposal is unlikely, according to Romani. A date has not yet been set for the board meeting to vote on the name, but should be set by Wednesday.
Discussion on naming rights began in August, according to Romani. Public sentiment in favor of keeping "Mile High" as part of the new stadium name meant that full naming rights would cost more, according to Romani.
INVESCO submitted a proposal in October to secure naming rights for $160 million, but withdrew it two weeks later, according to Romani. Janus Capital of Denver had expressed interest in paying for the name to remain Mile High Stadium. However, that deal became impossible because of a lack of available sponsorships for Janus and co-bidder, Coors Brewing Company of Golden, Colo., according to Romani.
"...[We] believe the offer we have submitted helps the District meet their stated goals of reducing tax payer burden while retaining the history of the Mile High name," said an INVESCO statement.