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Monday, August 22, 2011

Invesco Relinquishes Stadium Naming Rights

News summary by MFWire's editors

Invesco's brand is no longer on the Denver Broncos' home stadium. Invesco Field at Mile High became Sports Authority Field at Mile High last week after the Metropolitan Football Stadium District approved a proposal that reassigned the naming rights to Sports Authority.

Back in 2001, the Metropolitan Football Stadium District awarded Invesco the naming rights for a 20-year term worth $120 million. Now, Sports Authority will pay $32 million to take over the naming rights for the remainder of the term, according to published reports.

"Earlier this year, Invesco was approached by the Denver Broncos and Sports Authority and they had a compelling offer for us to consider the assignment of our contractual naming rights," Doug Kidd, managing director for coporate affairs at Invesco, told The MFWire. "Upon consideration, we felt this was a win-win for all parties."

Kidd noted that Invesco had a fairly large group in Denver that sold mutual funds directly to the public and over the last 10 years, the company altered its business model. Now it sells retail mutual funds through advisors and intermediaries, instead of directly to the public.

"Because of that change in business strategy, while having our name on the stadium was an important part of the overall Invesco branding strategy, it's perhaps not as important as it had been earlier for Invesco," Kidd explained. "This was an opportunity for us to assign those naming rights, better align our marketing resources with our global business strategy."

Where will Invesco spend the money that would have otherwise gone toward the remaining annual payments for the naming rights?

"Those additional resources are now available for other marketing opportunities," Kidd said.

See also coverage from The Denver Post, Denver Business Journal, Associated Press and Fox31 Denver.  

Edited by: Armie Margaret Lee


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