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Saturday, May 18, 2024

Broncos Lawsuit Could Open Door For New Owner

Denver-Broncos
Albert Cesare-USA TODAY NETWORK/Design: Alex Brooks

The Denver Broncos have filed a lawsuit against ROFR Holdings following the company’s claim that it holds “any and all Rights of First Refusal” regarding a potential team sale.

According to the Canadian company, Edgar Kaiser, who sold the team to Pat Bowlen in 1984 for $78 million, placed the rights of first refusal with ROFR — part-owned by Kaiser’s estate — before his death.

The Broncos’ lawsuit claims the rights weren’t legally transferred, are no longer valid, and that the personal contract ended when they both died — Kaiser in 2012 and Bowlen in 2019.

Kaiser himself previously lost two other rights of first refusal.

  • One to sell 10% of the team to president of football operations and former Broncos quarterback John Elway — the sale didn’t happen anyway
  • Another over sales between Bowlen and his siblings

If the Broncos win the lawsuit, it’ll be easier to sell the team, which reached a $3.75 billion valuation this year.

Not On The Market?

Before his death, Bowlen placed the team in a trust in which the trustees would decide who would be the next controlling owner — one of his children or an outside party.

Despite not officially being up for sale, there have reportedly been conversations about potential new owners, including two-time Super Bowl champion Peyton Manning.

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