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BRONCOS REACH DEAL ON LEASE BUYOUT AT MILE HIGH STADIUM
Published August 7, 1998
The Broncos "have a deal that will let them leave" Mile High Stadium, contingent on voter approval November 3 of a $260M subsidy of a proposed $350M stadium, according to Ann Imse of the ROCKY MOUNTAIN NEWS. Imse: "For something more than $40 million, according to the deal, the Broncos can walk away from what they call the worst lease in the NFL." To escape the lease, the team will buy out concessionaires at Mile High, pay off city bonds tied to a stadium seat tax, and pay 25% of the cost of street, utilities and other improvements related to the new stadium. Both Mile High and McNichols Sports Arena will be torn down. In return, Denver will sell the 80-acre Mile High site to the six-county stadium district for $10. The city will get the land back at the end of the 25-year deal (ROCKY MOUNTAIN NEWS, 8/7).