Invesco Scores with $120 Mil for Stadium Naming Rights

DENVER-Goodbye Mile High and hello Invesco Field at Mile High. At least, it looks like that is where the Denver Broncos will play next season.

The board of the Metropolitan Football Stadium District has voted 7-1 to accept a $120-million offer from Denver-based Invesco Funds Group to rename the $400.8-million, under-construction football stadium to Invesco Field at Mile High.

Invesco, the second-largest mutual fund family in Denver after Janus Capital Co., will pay the $120 million over 20 years. The board has earmarked $60 million to be used to reduce the taxpayers’ 75% debt on the stadium, the largest construction project now going on in Denver. The balance will go to the Broncos for advertising inside the stadium. It is the fiscally responsible thing to do, say board members, although they realize it’s a compromise.