[209 Life]

The Broncos soon will have a new coach. They then will likely have a new quarterback. And, along the way, they quite possibly end up with a new owner.
The process of selling the franchise became somewhat less complicated on Tuesday when a Denver judge ruled that no right of first refusal applies to any potential sale of the franchise. Via the Denver Post, Judge Shelly I. Gilman concluded that “the right of first refusal . . . between Edgar F. Kaiser, Jr. and Patrick D. Bowlen . . . is no longer valid or enforceable in any respect.”
Kaiser sold the team to Bowlen in 1984. Kaiser’s estate argued that a right of first refusal from the original sales contract still applies, meaning that Kaiser’s estate would have had the ability to match any offer to buy the Broncos — and ostensibly re-sell the team for a higher price.


Said Broncos president Joe Ellis in a statement issued to PFT: “We’re glad to put this issue behind us and move closer to transitioning ownership of the Denver Broncos. While our focus at this time is on our head coaching search, we plan to make an announcement regarding ownership shortly after that hire is completed.”
Added Broncos attorney Dan Reilly: “We are very pleased with the Court’s order today terminating any right of first refusal. The Trustees will continue moving forward with the ownership transition process.”
In other words, the Broncos are going to be sold. And while Kaiser’s estate ostensibly has appeal rights, there’s no real concern that this will go any farther.
And it sounds like, after the Broncos hire a coach, the “announcement regarding ownership” will be that the team is currently for sale.

[MinnesotaFats]

A right of 1st refusal is omnipresent

They could appeal & win. Question is- do they have the money to match.

Without funds, the Estate loses. But if they're backed, then they can buy back. Not seeing why this is invalidated

[209 Life]

ENGLEWOOD, Colo. -- The Denver Broncos are officially up for sale in what will likely have biggest price tag in North American sports history.
The sale was announced Tuesday by the Pat Bowlen Trust, which has operated the team since Bowlen stepped away from day-to-day operations of the team in 2014 due to the early onset of Alzheimer's disease. The team is valued at just under $4 billion.
Joseph Tsai paid a total of $2.35 billion -- $1 billion for a 49% stake in 2017 and the additional $1.35 billion for the other 51% in 2019 -- for the NBA's Brooklyn Nets and that is the highest price paid for a North American sports franchise.
The last NFL franchise to be sold was the Carolina Panthers, who were purchased in 2018 by David Tepper for $2.275 billion.
In a statement, Broncos CEO Joe Ellis said: "The Pat Bowlen Trust announced today the beginning of a sale process for the Denver Broncos. We have retained Steve Greenberg of Allen & Company as our financial advisor and Joe Leccese of Proskauer Rose LLP as our legal advisor for this transition of ownership.
"Selling an NFL team is a complex process involving numerous parties and league approval procedures. Nonetheless, the trustees hope to have the sale completed by the start of the 2022 NFL season.
"The Broncos are a special franchise that is part of the fabric of this region, and whoever emerges as the new owner will certainly understand what the team means to our great fans and this community."

The Bowlen family also released a lengthy statement that said in part: "When Pat Bowlen purchased the Denver Broncos in 1984 with the help of his siblings -- John, Bill and Marybeth -- he set out with the goal of being No. 1 in everything. Over the past 38 seasons, his vision enabled the Broncos to become champions on and off the field. With today beginning the Broncos' transition to new ownership, our family is overwhelmed with gratitude for what this organization and community have meant to us. There are truly no words to express our deep appreciation to all of Broncos Country for its unwavering support during the past four decades.''
The sale became almost a foregone conclusion earlier this month when a Denver judge ruled the heirs of former Broncos owner Edgar Kaiser Jr. couldn't buy back any portion of the franchise as part of a right of first refusal agreement.
A holdings group representing Kaiser's estate had petitioned the court that it had right of refusal for any sale of the franchise dating back to when Kaiser sold the team to Pat Bowlen in 1984. Kaiser died in 2012, and Bowlen died in 2019.
Denver district judge Shelley L. Gilman ruled Kaiser's heirs had no claim and the right of first refusal included in the 1984 sales agreement between Kaiser and Bowlen was "no longer valid or enforceable in any respect.''
Ellis, one of three trustees overseeing the operations of the team, had repeatedly said over the past seven years if Bowlen's children could not agree on a majority owner, the team would likely be sold. That agreement between the siblings was never reached -- a lawsuit between them was poised to go to trial before it was dismissed last July.
"Pat used to say the Broncos belonged to the fans and that ultimately this was their team," the Bowlen family said in a statement. "From the bottom of our hearts, thank you for this incredible ride. It has been the honor of our lifetime. All of us know that the impact of 'Mr. B' will live on with the Broncos and in the hearts, minds and memories of the fans. We will always cheer for the Orange and Blue. Go Broncos!''
There are believed to be several groups already formed and interested in making formal bids for the team. Hall of Fame quarterbacks John Elway and Peyton Manning have, at times, each expressed interest in potentially being part of any group that would bid on the team.
Manning said earlier this season, when he was enshrined in the team's Ring of Fame, he would "listen'' to any proposals about joining an ownership group, but "that it would have to be the right fit.''
League rules state a "majority'' owner must own at least 30% of a franchise, so in a sale of $4 billion, that would mean the majority investor would have to control $1.2 billion.
General manager George Paton, who was hired in January 2020, as well as newly hired head coach Nathaniel Hackett, said the ownership question did not influence their decisions to take the jobs. Each said the Broncos have always shown they had the resources to compete for championships -- the franchise has three Super Bowl wins and eight Super Bowl appearances, the last being a win in Super Bowl 50 to close out the 2015 season.
"I think that was something we talked about, but in the end it's the Denver Broncos, this is the Denver Broncos, y'all ... to have the ability be the head football coach of the Denver Broncos is unbelievable,'' Hackett said Friday when he was introduced as coach. "This is awesome; in the end, hey, that's going to work itself out and every day. Regardless of who the owner is, I have to prove myself.''

[209 Life]

Magic Johnson joins bid to buy Denver Broncos


Los Angeles Lakers legend Magic Johnson is looking to get involved with another professional sports franchise. Johnson reportedly joined a bid to buy the Denver Broncos, according to Sportico.
The bid is being led by Philadelphia 76ers owner Josh Harris. It's unclear how much Johnson is putting up as part of the bid. Johnson, those involved with the group and Broncos representatives declined comment when reached by Sportico.
Johnson has experience being part of an ownership group. He dropped $50 million to join the group that purchased the Los Angeles Dodgers in 2012. That was not a large financial commitment, considering the Dodgers sold for $2.15 billion. Johnson also was part of a group that purchased the Los Angeles Sparks in 2014.
It's unclear how much Johnson put up to be part of Harris' group, but the Broncos are expected to sell for a much higher price. Forbes valued the Broncos at $3.2 billion last May.
Broncos made decision to sell in February

After years of legal battles stemming from former owner Pat Bowlen relinquishing control of the team in 2014, the Broncos announced in February the team was going up for sale. Bowlen purchased the franchise in 1984. He relinquished control to a trust in 2014 after being diagnosed with Alzheimer's disease. Bowlen died in 2019.
Infighting between the Bowlen family led to legal battles over who should be the primary owner of the franchise. A ruling in January finally paved the way for the family to sell the team. Weeks after that ruling, the Broncos announced the team was up for sale. The franchise is expected to sell for roughly $4 billion.

[209 Life]

Walmart heir Rob Walton wins bid to buy Broncos for 4.5 billion dollars.

[Snowball]

Walmart heir Rob Walton wins bid to buy Broncos for 4.5 billion dollars.

unreal amount of money. safe to say this guy will win if he wants them, it's over before it began.

[VeggieDog]

And now to get a beer at the game, there will only be 2 cashiers for the entire stadium.

[DrunkHorseplayer]

unreal amount of money. safe to say this guy will win if he wants them, it's over before it began.

Not with the NFL's salary cap.

[209 Life]

Condoleeza Rice now part owner of the Donkos




Former Secretary of State Condoleezza Rice joins Denver Broncos ownership group

Ryan Young·Writer

Mon, July 11, 2022 at 10:52 AM






Condoleezza Rice is now a part owner of the Denver Broncos.
The former U.S. Secretary of State officially joined the new ownership group of the Broncos on Monday, the team announced. Rice joins the group led by Walmart heir Rob Walton and his family.
“We’re pleased to welcome former Secretary of State Condoleezza Rice to our ownership group,” Rob Walton said in a statement. “A highly respected public servant, accomplished academic and corporate leader, Secretary Rice is well known as a passionate and knowledgeable football fan who has worked to make the sport stronger and better. She is the daughter of a football coach and served on the inaugural College Football Playoff Committee. She moved to Denver with her family when she was 12 years old and went on to attend the University of Denver for both college and graduate school.

“Her unique experience and extraordinary judgment will be a great benefit to our group and the Broncos organization."

Former Secretary of State, Condoleezza Rice joins the group led by Walmart heir Rob Walton, who agreed to buy the Broncos for a record $4.65 billion. (Tracy Wilcox/PGA TOUR via Getty Images)


Rice also served as the national security adviser for President George W. Bush before she was Secretary of State, and was also the Provost of Stanford University.

"It is an honor to be part of this ownership group," Rice said in a statement. "Football has been an integral part of my life since the moment it was introduced to me, and I am thrilled to be a part of the Broncos organization today. I spent much of my younger years in Denver, so to be able to combine my love of the game with my love for this great city and team is an adventure of a lifetime and a great opportunity."

Rice is the latest to join the new ownership group, which has agreed to purchase the Broncos for $4.65 billion. That figure sets a record for the sale of an American sports team, more than doubling the previous record set when the Brooklyn Nets were sold for about $2.3 billion. Chelsea FC was sold earlier this year for a record deal worth more than $5 billion.
The Broncos were last valued at $3.75 billion by Forbes, which makes them the 10th most valuable team in the NFL. The Dallas Cowboys led that list at $6.5 billion.
The ownership group includes Rob Walton, his daughter and her husband, Carrie Walton Penner and Greg Penner, and the co-CEO of Ariel Investments and chair of the board of Starbucks Mellody Hobson.
It’s unclear what role Rice will have in running the team. The sale is still pending.