The Denver Broncos announced earlier this week that the team reached a 21-year stadium naming rights agreement with Empower Retirement. The team’s stadium will now be named Empower Field at Mile High through the 2039 season.
The deal is worth around $5 million a year, according to KUSA-TV’s Mike Klis. A company that administers $638 billion in assets can certainly afford to make that kind of financial commitment.
About $3 million a year will go to the Metropolitan Football Stadium District and around $2 million a year will go to the Broncos, according to Klis, who also reported that the totals can increase if “certain thresholds” are met.
“Empower is a thriving — and growing — hometown company that has been a valued team partner since our Super Bowl season in 2015,” team president and CEO Joe Ellis said in a press release Wednesday. “Most importantly, we’ve enjoyed a genuine working relationship with Empower for a number of years because they are simply great at what they do.
“The Broncos and Empower Retirement share many of the same values, especially a commitment to innovation, a focus on community engagement and a desire to be the very best. It’s exciting to now call Empower Field at Mile High the home of the Denver Broncos — and many other world-class events — well into the future.”
The new revenue from stadium naming rights will help pay for stadium upgrades such as energy-efficient LED lighting, a required upgrade to be eligible to host World Cup matches in 2026.
The team’s previous naming rights partner, Sports Authority, paid around $6 million a year from 2011-2016 before going bankrupt.
