Ever since the Invesco Funds Group name was phased out last year, some have wondered whether the name of the city’s football stadium – Invesco Field at Mile High – would follow.
In fact, the chairman of the Metropolitan Football Stadium District told The Denver Post on Tuesday that a name swap – one possibility was “AIM Investments at Mile High” – was discussed in July with Amvescap Plc. The London-based financial services giant agreed in 2000 to pay $60 million through 2020 for the stadium naming rights.
Amvescap has already paid $10.8 million.
But no name change is imminent and no proposal has been submitted, said Ray Baker, the stadium district chairman. And a spokesman for AIM, owned by Amvescap, denied a change had been considered.
“The name is Invesco, and that’s it,” Ivy McLemore said. “We have no plans to change the name Invesco Field at Mile High. Period.”
Baker said he broached the name issue in a telephone call he made to Mark Williamson, AIM’s CEO. It occurred shortly before Amvescap made its annual payment in August for the stadium name. This year, that check amounted to $2.33 million.
Baker said he was told that Amvescap hadn’t contemplated a change of stadium names. But he said Williamson raised the idea of swapping “Invesco” with the name “AIM Investments” or “Amvescap.” The stadium rights contract allows for a name swap – under certain conditions.
Amvescap also left the door open to selling the naming rights to another company, Baker said.
McLemore acknowledged the phone call between Baker and Williamson took place. However, he denied that Williamson suggested swapping the Invesco name for AIM’s – or any other.
Amvescap last year folded Invesco’s funds into its other portfolios, citing Invesco’s poor performance, taint from an industrywide market-timing scandal and large outflows of money.
Joe Ellis, Denver Broncos executive vice president of business operations, said, “Our understanding is that Invesco has no intention at this time to change the name to AIM, Amvescap or any other of their entities. They’ve been a very, very good partner for us. We talk to them as we would to any partner. Our relationship is excellent.”
The AIM name would be a logical replacement, said Marc Ganis, president of Sportscorp Ltd., a Chicago-based sports consulting firm.
“Keeping the name Invesco makes no sense,” Ganis said, “unless they plan to use (the name) in the future or if they don’t know what to change it to.”
Many sports stadiums have changed names, including some that have been renamed several times, Ganis said. The risk, he said, is that renaming the stadium “will embarrass you … and bring more focus and ridicule.”
AIM employs 200 people in Denver, most of whom work in client services.
Staff writer Mike Klis contributed to this report.
Staff writer Will Shanley can be reached at 303-820-1260 or wshanley@denverpost.com.
Renaming a stadium
By contract, Invesco Funds Group can change the name of Invesco Field at Mile High, left, under these conditions:
A merger, acquisition or corporate reorganization occurs that results in the “permanent elimination” of the Invesco Funds brand from the U.S. marketplace.
The new name is the brand under which Invesco Funds Group actively markets its products.
The Metropolitan Stadium District gives its approval.
Source: Metropolitan Stadium District
