A company that specializes in selling the intellectual property of defunct companies says it has been hired to market Mile High Stadium naming rights and other assets of bankrupt Sports Authority.
Although the contract has not been approved by U.S. Bankruptcy Court, New York-based Hilco Streambank said it will accept bids for the naming rights, private-label brands, domain names and transaction databases through June 23.
The Denver Broncos and the Metropolitan Football Stadium District, which owns Mile High Stadium, have been working in court to block the sale of the naming rights and other sponsorship agreements. In a bankruptcy court filing May 16, the team said Sports Authority without written consent.
A day later, the Englewood-based retailer hired a company to appraise the value of the sponsorships, naming rights and other intellectual property to allow it to “make informed decisions regarding the rejection of contracts.”
This week, Sports Authority with nine professional teams, including the Broncos and the Colorado Rockies. Sports Authority has missed two payments totaling $2.1 million to the Broncos, court filings show. Its next payment to the stadium district is not due until August, just before the retail chain’s liquidation is expected to be complete.
In its announcement of the marketing contract, Hilco made only passing mention of the naming rights, focusing instead on the company’s portfolio of brands, including Tommy Armour Golf, Alpine Design, Aspire, Bodyfit by Sports Authority, Ram Golf, Bloom and others.
“The Sports Authority brand has strong awareness and demonstrable customer loyalty among a large base of desirable U.S. consumers,” Hilco Streambank executive vice president David Peress said.
The company previously has marketed the assets of failed retailers, including RadioShack.
