DENVER -- Denver's new football stadium sold its name for a
pile of cash that's a mile high.
Disregarding the wishes of the mayor and many fans to preserve
the name simply as "Mile High Stadium," the new home of the
Broncos will be "Invesco Field at Mile High."
|  | | The old Mile High Stadium, left, is giving way to Invesco Field at Mile High, right. |
Invesco Funds Group, a financial services company, will pay $120
million for 20 years to have its name on the stadium. The
Metropolitan Football Stadium District Board accepted the offer
Monday in a 7-1 vote.
Taxpayers are responsible for 75 percent of the burden to
finance the $400 million facility, which is being built next door
to the old stadium. The Broncos begin play at their new home this
fall.
Mayor Wellington Webb led opposition to the renaming, saying
Mile High was a marketing asset for the area. Webb and many fans
also said the rich history associated with the name was more
important than cutting the stadium's cost.
"People have been calling from around the country, even public
radio listeners," Webb spokesman Andrew Hudson said. "We hit a
national nerve. People are tired of everything being named after a
corporate entity."
Invesco, and other prospective buyers, had insisted that the
corporate designation be placed at the beginning of the stadium
name, Hudson said.
"Once it's gone, it's gone for good," he said. "Invesco is
hoping that over the years the Mile High will be dropped."
Denver joins other cities that have sold naming rights for
millions, leading to venues with such names as 3-Com Park in San
Francisco, the Staples Center in Los Angeles, Safeco Field in
Seattle and Cinergy Field in Cincinnati.
Analysts had predicted the naming rights would sell between $52
million and $89 million, despite polls and public hearings
suggesting most fans favored keeping the Mile High name.
"It's a sad day," said Gary Holbrook, a retired college
professor, who came to speak out against changing the name. "I can
tell you I'm very disappointed. As a fourth-generation Coloradan
whose family has lived here for over 100 years, I'm tired of
trading away the symbols of our history to corporate America."
The board has insisted it must do everything it can to reduce
the public's share of the cost of the stadium. Webb and other
critics said the savings were too small to matter. The district
estimated the deal would save a family with an income of $31,000 a
total of $61 over the 11-year period.
Board member Joy Burns told the crowd, which packed the room and
flowed out into the hall, that the decision to rename the stadium
was difficult.
"I personally love the name Mile High," said Burns, who has
been a Broncos season-ticket holder since the 1960s. "But I'm
caught between what I personally prefer and what I think is the
right thing to do to benefit most taxpayers.
"We all get something, it just might not be what we want."
Gene Cianco, a member of the board, said, "A good compromise is
where all walk away from the deal somewhat unhappy. ... My advice
is to enjoy the brand new field as a new place to start new
memories."
Invesco said the company was "very committed to Colorado."
"Many people voted against paying extra taxes, and we think the
board has been extremely responsible in trying to address all
parties, underwrite taxpayer debt and maintain the tradition of the
Mile High name," said Richard Healey, a company senior vice
president.
The sales tax, paid in Denver and five adjacent counties, is a
penny on a $10 purchase. A similar tax was used to build Coors
Field, and it was paid off 10 years early thanks to one of the
hottest economies in the nation.
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