The Denver Post reports the Broncos' motion to terminate their sponsorship agreement with the Englewood-based company was granted in U.S. Bankruptcy Court on Friday. Sports Authority has also sought to end the contract.
Court records show the August 2011 contract is valued at more than $55.3 million. Sports Authority owes the Broncos $36 million.
The Broncos seeking an end to the sponsorship agreement comes as Sports Authority is working to auction off the naming rights of the Broncos' Mile High Stadium.
The company is also looking to sell its brands, customer data and patents. A deadline for bids on those assets is set for Monday.
You want to know what is really going on these days, especially in Colorado. We can help you keep up. The Lookout is a free, daily email newsletter with news and happenings from all over Colorado. Sign up here and we will see you in the morning!