Denver Broncos co-owner John Bowlen, the brother of beloved owner Pat Bowlen, is reportedly selling a minority interest in the franchise according to Nicki Jhabvala of the Denver Post.
John Bowlen owns roughly 30-35 percent of the Broncos and he’s apparently trying to sell to preserve his brother’s legacy because the team is “not being run the way Pat would have run it in many, many capacities.” However, it’s unclear how any sale might resolve that issue.
Either way, that 30-35 percent stake is sure to fetch an exorbitant amount of money. Forbes currently values the Broncos at $2.4 billion, meaning that share could go for nearly a billion dollars (stakes in sports franchises have largely outpaced estimated valuations in recent years).
It’ll be interesting to see who might surface during the bidding process. Whoever buys won’t have a lot of authority to change the management structure with Pat Bowlen’s estate still controlling the majority share.
John Elway was once offered a 20 percent stake in the team after he retired in 1999 for $36 million. Ultimately, the deal never wound up going through, but that stake would have been worth $480 million had he elected to make the purchase.
With Pat Bowlen battling Alzheimer’s, the Broncos are currently run by president and CEO Joe Ellis.
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