Broncos want to nix sponsorship agreement after Sports Authority misses payments
The Denver Broncos now want to sever their sponsorship agreement with the soon-to-be defunct Sports Authority.DeAngelo Williams Jersey
The bankrupt sporting goods retailer failed to make quarterly payments to the team, breaching its contract with the Super Bowl champs, attorneys for the Broncos wrote in a motion filed Friday with the U.Adam Jones JerseyS. Bankruptcy Court in Delaware.
“Yet,Cardinals Store because of the protections afforded by the bankruptcy code, (Sports Authority) continues to enjoy exclusive sponsorship rights as provided for in the sponsorship agreement despite its failure to make two quarterly payments totaling $2,105,Denver Broncos Store945.00,” the Broncos said in the filing.Chris Harris Jr Jersey
The motion is the latest move by the Broncos and the Metropolitan Football Stadium District to keep Sports Authority from selling or auctioning contracts related to the team and Mile High Stadium. The retailer has a separate naming-rights contract with the stadium district.
Sports Authority’s trademarks,Alfred Morris Jersey intellectual property and some leases are expected to be auctioned on June 23, stadium district spokesman Matt Sugar said Tuesday. Bloomberg News,Janoris Jenkins Jersey citing unnamed sources, said the company’s term-loan lenders were among those claiming to have collateral rights over Sports Authority’s intellectual property and contracts, including the naming-rights agreement.Brett Hundley Jersey
Sports Authority was required to make graduated annual payments between $6 million and $9 million split evenly between the stadium district and the Broncos. Those contracts, however,Vernon Butler Jersey have separate payment schedules.
Sports Authority’s next payment of $3.6 million to the stadium district is due Aug.Malcolm Butler Jersey 1, leaving the district in a holding pattern.