The approaching buy of the Denver Broncos for a document of $4.65 billion most likely stings a bit for John Elway.
Elway, the previous Broncos quarterback-turned-executive, was supplied the prospect to buy a stake within the staff in 1998, in keeping with Motion Community’s Darren Rovell. It might have earned him round $900 million with the sale at the moment — if he hadn’t turned it down.
The Tremendous Bowl champ was nonetheless taking part in for the Broncos on the time when he was supplied a ten p.c piece of the staff by proprietor Pat Bowlen “for the cash that they owed him ($21 million),” per Rovell. Bowlen additionally supplied Elway a further 10 p.c of the Broncos for $15 million.
Elway didn’t take the deal, and together with it, the chance to doubtlessly make round $1 billion.
John Elway reportedly misplaced out on the chance to buy a stake within the Denver BroncosGetty Photos
“On the $4.5 billion valuation, John Elway’s 20 p.c stake that he might have gotten for $36 million would have been value $900 million at the moment,” Rovell famous in his report.
Elway, who performed for the Broncos for 16 seasons, made $45.4 million throughout his taking part in profession, in keeping with Spotrac. In 1997, he additionally offered 5 automotive dealerships for $82.5 million.
In the meantime, Walmart inheritor Rob Walton — who’s main the Broncos buy with daughter Carrie Walton Penner and her husband, Greg — stated Wednesday he’s “thrilled” to be transferring ahead with this profitable subsequent chapter.
Had John Elway had taken the deal, the approaching sale of the staff would have resulted in a $900 million alternative todayGetty Photos
“We’re thrilled to be chosen to maneuver ahead with the acquisition of the Denver Broncos!” Walton stated in a press release Wednesday. “Carrie, Greg and I are impressed by the chance to steward this nice group in a vibrant group stuffed with alternative and passionate followers. Having lived and labored in Colorado, we’ve all the time admired the Broncos. Our enthusiasm has solely grown as we’ve realized extra concerning the staff, employees and Broncos Nation over the previous couple of months.”