'Sports Authority' To Be Removed From Mile High Stadium

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DENVER (CBS4)- Sports Authority will be removed from Mile High Stadium as the Denver Broncos continue to search for a buyer of the naming rights.

At Tuesday's news conference, Broncos president and CEO Joe Ellis said that the team will take down the signage within the next 10 days.

DENVER, CO - JANUARY 24: Fans walk outside the stadium prior to the AFC Championship game between the New England Patriots and the Denver Broncos at Sports Authority Field at Mile High on January 24, 2016 in Denver, Colorado. (Photo by Doug Pensinger/Getty Images)

"The name needs to remain in place for a while because we have some placeholder events both inside the building and in the bowl itself with some concerts and stuff," said Ellis.

After former sponsor Sports Authority declared bankruptcy in 2016, the Broncos paid $3.6 million to take over the contract in hopes of selling the rights for a longer, more lucrative deal.

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"At some point it's like putting a house on the market. You ask a certain amount and if it doesn't sell in three months people ask why its not selling," says Dan Price, President of the sports branding firm Adrenalin Inc.

"If they went two year (without a name) does that put them in less of a chance for a higher price because something is wrong? I don't know," adds Price. "The quicker you can do a deal, the better, as long as it's the right partner."

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The right partner, according to Price, likely excludes any company outside the Fortune 500 that does not offer a consumer forward product. That would cut out companies from Colorado. It would also put to rest the ambitious effort of a marijuana dispensary sponsoring the stadium.

Price says purchasing stadium naming rights is one of the best deals in advertising, so long as the company can afford it. Millions upfront can lead to considerably higher value in passive advertising when a company's name is repeated again and again over a nationally televised game.

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"Advertisers are always looking at ways to connect to their audience, but they're looking for ways to connect their audience outside their traditional fan base," says Price.

The stadium will still go by Sports Authority Field until events listed with name on tickets are completed.

Ellis said that he hopes to have a new name on the stadium by the start of the season this fall. He also confirmed that the Broncos are staying put in Denver.

Stan Bush is a general assignment reporter at CBS4. His stories can be seen on CBS4 News at 10. Read his bio and follow him on Twitter @StanBushTV.