Sports Authority Moves To Hire Firm To Sell Naming Rights
DENVER (AP) — Sports Authority is pushing ahead with a bid to sell the naming rights to the Denver Broncos' stadium.
The company asked a bankruptcy judge on Tuesday for permission to hire Massachusetts-based Hilco Streambank to help it sell the naming rights as well its brands, customer data and patents. It would be paid on commission — 2 percent for proceeds up to $10 million and 3 percent on anything above that.
An announcement of the deal says bids are due June 23.
The Broncos and the officials appointed to run the taxpayer-built stadium say they want out of the sponsorship deal because Sports Authority hasn't paid $2.1 million in quarterly payments this year. They've also said they have the right to review and veto any deal to transfer the naming rights.
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