The Denver Broncos announced their preferred site for a new stadium. Burnham Yard, situated less than a mile southeast of the current Mile High Stadium, is planned to feature a retractable roof, along with a comprehensive development of retail, entertainment, commercial, and residential properties.
The team has played at two stadiums since its inception in 1960. The original Mile High Stadium was in use until 2000. The second Mile High was built right next door to it and opened in 2001. During that time, it has had four different sponsor names attached to it: Invesco Field, Sports Authority Field, Broncos Stadium, and Empower Field, all “at Mile High”.
The move follows a recent trend to replace stadiums built in the 1990s and early 2000s. It also follows a trend of building stadiums with roofs, allowing them to potentially host year-round events, including a possible Super Bowl.
The planned development will also keep the Broncos in the downtown area, where the city’s NBA, NHL, and MLB franchises are located.
To read the press release, click here.
It’s expected that the project will only rely on city and state funds for infrastructure and “public improvements benefitting the community year-round”, and pledges not to require any new taxes.
Interestingly, the Burnham Yard land is owned by the state, which will sell it to the Broncos. When the current Mile High Stadium is demolished, that land will revert to state ownership.
What’s next
This is only an announcement of an intention to build a new stadium. Nothing has been signed, and no formal agreement has been reached. However, it appears that the City and State support the project, and with the State owning the land to be used, it seems that a significant portion of the hurdles have already been cleared.
The team intends to complete the project in time to open the stadium for the 2031 season, which coincides with the expiration of the team’s lease at the current stadium.
What’s the bad news?
We hate to be the bearers of bad news, but it seems highly likely that current season ticket holders will partially fund the new stadium through the sale of Personal Seat Licenses (PSLs). These are essentially “deeds” to seats that are required in order to purchase a season ticket.
Since 2009, seven new stadiums have been opened (in order, Dallas, New York, Santa Clara, Minneapolis, Atlanta, Los Angeles, and Las Vegas), and two new stadiums are currently under construction in Buffalo and Nashville. Each of these stadiums has utilized seat licenses to fund their development.
With the team claiming to have over 100,000 people on a waiting list for season tickets, demand will likely be strong enough to support the sale of seat licenses. Only time will tell how that will impact the affordability of seeing Broncos games for long-time fans.
