DENVER -- The stadium where the Denver Broncos play will now be known as Dairy Queen at Mile High.
The board of the Metropolitan Football Stadium District agreed on Tuesday to let the fast food company take over the naming contract from Invesco.
Dairy Queen offered to pay $150 million over the next 25 years for the right to put its name on the stadium. Its offer would replace the 10 years remaining on Invesco's naming rights deal and extend it through 2035.
The board voted unanimously to let Dairy Queen take over the remaining 10 years on the 20-year contract but did not vote on the 15-year extension. Before the board votes on the extension, it wanted an analysis on the value of the naming rights.
The revenue split between the stadium district and the team would remain the same -- both would get 50 percent of the money and free Blizzards for the life of the contract.
The Metropolitan Football Stadium District oversaw construction of the facility, which replaced Mile High Stadium and was financed with private and taxpayer funds. Polls showed fans preferred keeping the facility's old name, but in 2001, the district sold 20-year naming rights to the stadium to Invesco Funds Group for $120 million, with the stadium district and the Broncos splitting those revenues equally. Invesco has some offices in Denver but is based in Atlanta.
The stadium district's share of naming rights revenues helps defray taxpayers' $300 million share of the $400 million cost of the stadium.
The Broncos kick off the regular season at home against the Oakland Raiders on Sept. 12. It's unclear if the name change to Dairy Queen would take effect by then.
