The $405-million stadium in northwest Denver is the largest construction project under way in the state. Invesco's initial payment would start at $4 million in 2001 and increase 4% each year, with a slight balloon payment in the final year. The payments would be split evenly between the Metropolitan Football Stadium District on behalf of taxpayers and Denver Broncos for its sponsorship and advertising rights, says Tim Romani, executive director of the stadium district.
Romani says this is the only remaining option for selling the naming rights and reducing taxpayers' burden. The other option is to simply retain the current name, Mile High Stadium.
Mayor Wellington Webb doesn't want the name change. "As anticipated, the Metro Football Stadium District has continued their pursuit of a corporate naming rights sponsor for the new football stadium," Webb says. "They announced that Invesco has come forward with a proposal that would name the new stadium 'Invesco Field at Mile High.' I, like so many other citizens in the metro area, would prefer to see the Mile High Stadium name transferred as the sole name to the new stadium. However, I also recognize that this is not my decision."
Webb says he still believes there are several unanswered questions, including the pay-down debt if the deal is inked. He also is questioning why Mile High Stadium can't be used in its entirety. Webb's other concern is the naming rights process in the event that Invesco is sold or merges with another firm and whether the "Mile High Stadium" label is protected in either event. "It is my understanding that if the name 'Mile High Stadium' was preserved as the name of the stadium, the Denver Broncos could still capitalize by selling the 'field' naming rights," says Webb. "How much per household would it cost taxpayers in the six-county district to preserve the Mile High Stadium name?"
Webb says there should be a full public disclosure of this deal before the stadium district votes on it. "Until I am comfortable that these issues have been addressed and thequestions of the community have been answered, I will reserve judgment on this specific proposal," Webb concludes.
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