The Denver Broncos now want to sever their sponsorship agreement with the soon-to-be defunct Sports Authority.
The bankrupt sporting goods retailer failed to make quarterly payments to the team of just less than $1.053 million on Feb. 1 and May 1, breaching its contract with the Super Bowl champs, attorneys for the Broncos wrote in a motion Friday with the U.S. Bankruptcy Court in Delaware.
“Yet, because of the protections afforded by the bankruptcy code, (Sports Authority) continues to enjoy exclusive sponsorship rights as provided for in the sponsorship agreement despite its failure to make two quarterly payments totaling $2,105,945.