The Denver Broncos are planning to invest $100 million worth of renovations into Empower Field at Mile High, according to a report from Ben Fischer of the Sports Business Journal.
“The team is seeking a loan through the NFL’s G-4 program for the work, which is subject to a vote of fellow owners [this week],” Fischer wrote on SBJ‘s website.
The team’s stadium was damaged during a fire in March. The $100 million upgrades are not a sign that the new ownership has ruled out the possibility of eventually building a new stadium.
“Observers have widely expected the new owners to eventually build a new stadium, but for now, this project addresses more targeted upgrades,” Fischer wrote.
After the SBJ story broke, KUSA-TV’s Mike Klis echoed the report that the renovations do not cancel out potential new stadium plans.
“I’m told this is not related to any long-term decision on the stadium’s future,” Klis tweeted last week. “Ownership wanted to immediately enhance fans’ experience.”
The Broncos are now majority-owned by Rob Walton, and his son-in-law, Greg Penner, is a co-owner and the team’s new CEO. Penner said in August that the team has nearly 10 years remaining on the lease at Empower Field, and they are not rushing a potential stadium decision.
So a new stadium is not imminent, but still a possibility down the road.
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