DENVER -- The Denver Broncos announced on Wednesday they had assumed the naming rights to Sports Authority Field at Mile High, pending court approval.
"There is no timetable for securing a new naming rights agreement, and the name of the stadium - Sports Authority Stadium - has not changed at this time," the Broncos posted on their website.
According to the Metropolitan Football Stadium District, the revenue generated by the naming rights is primarily used for improvements to avoid the need for public funding.
The stadium district estimates that over $300 million will be needed over the next 30 years to maintain the facility.
In a motion filed on Tuesday, the Broncos put in a bid to Sports Authority for the naming rights contract to their stadium.
As part of the Assumption Assignment Agreement, the Broncos will assume the naming rights contract from Sports Authority and will be obligated to pay more than $3.6 million, within 30 days.
The naming rights for Sports Authority Field at Mile High has been a hot topic since the sporting goods store filed for bankruptcy protection earlier this year.
Sports Authority has been the corporate sponsor for the Broncos' stadium since August of 2011, when the sporting goods store took over the naming rights from Invesco.
On April 1st, marijuana dispensary Native Roots announced they were attempting to bid for the naming rights to the stadium. According to court documents, no cash bids were submitted for the naming rights contract.