DENVER (CelebrityAccess) — The Denver stadium that serves as a home to 2016 Super Bowl champs the Denver Broncos, failed to attract any interest from a prospective new naming rights partner during an auction this week.
According to Reuters, no bidders came forward during the court-supervised auction conducted by the Sports Authority, the current holder of the venue's naming rights. Sports Authority is currently undergoing bankruptcy proceedings after filing for protection earlier this year.
In the wake of the failed auction, the stadium began the process of finding a marketing company to help it solicit interest in the naming rights on its own, Matt Sugar, the director of stadium affairs at the Metropolitan Football Stadium District told Reuters.
Sports Authority's deal with the Broncos is good through 2021, but requires a $3.6 million payment obligation due Aug. 1, Reuters said.
Eric Smallwood, the managing partner of sports marketing consultancy Apex Marketing Group Inc suggested to Reuters that possible suitors may be concerned about bankruptcy court process, noting that any sale would be subject to approval from both Sports Authorities' creditors and the judge presiding over the bankruptcy proceedings.