Broncos Can End Contract

A federal judge has approved a request from the Denver Broncos to end the team’s $55 million sponsorship contract with the bankrupt Sports Authority.

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.