After a disappointing season, the Denver Broncos are due for a makeover.
Except this time, it isn’t coming in the form of a new coach or quarterback, but a Mile High upgrade.
Their home, Empower Field at Mile High, is getting a renovation, and the NFL is lending a big hand in making the remodeling a reality.
The team announced Wednesday that it received more than $100 million through the league’s G-4 financing program. It’s the largest capital project investment in the stadium’s 22-year history.
“This significant investment in Empower Field at Mile High —- the largest in the stadium’s history —demonstrates the deep commitment by the Walton-Penner Family OwnershipGroup to immediately and continuously provide the best possible experience for our fans,” President Damani Leech said in a statement. “As we look toward the future with the long-term plans for our stadium, we are equally focused on the present to ensure Empower Field at Mile High remains a premier sports and entertainment venue.”
The NFL G-4 program allows NFL teams to receive assistance for stadium projects. The funding from the program is considered a loan and is repaid from the visiting team’s share of certain seating. A team applying for the loan is required to put up matching dollars.
The most recent example is the Buffalo Bill’s recent approval of $200 million toward a new stadium. With the loan and owners Ted and Kim Pegula matching the funds, the Bills have $400 million for the $1.354 billion project. Local taxpayers are expected to foot the rest of the bill.
For the Broncos, the G-4 loan will cover most of the costs. The Metropolitan Football Stadium District, which levies and collects sales taxes in financing the stadium’s projects, has already earmarked $12 million toward the upgrades.
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