Who will be new owners of the Denver Broncos?
The Denver Broncos are set for a changing of the guard as coach Vic Fangio has been let go. Ownership is also expected to change hands in the near future.
The Denver Broncos are on the verge of being put on the market after a Denver court decided the heirs of former owner of the franchise Edgar Kaiser Jr. will not be able to buy back any percentage of the Broncos, leaving the probability of new ownership in the near future.
Broncos on the verge of being sold by Pat Bowlen Trust
The ruling states that as a part of right of first refusal in the deal between Kaiser and Pat Bowlen in 1984 was “no longer valid or enforceable in any respect,” according to District Judge Shelley L. Gilman.
Pat Bowlen died in 2019, but the Denver fracnhise remains in the hands of the Pat Bowlen Trust. The trust was founded when the former owner stepped away from a full time position with the team in 2014.
It appears that there is a disagreement within the Bowlen family with no end in sight. If the former owner’s children cannot decided on who the majority owner of the team should be then the Broncos will likely be sold. That possibility seems more likely than ever after a lawsuit between the Bowlen family was dismissed last month.
Fangio gone after 19-30 record over three season
The Broncos are in the midst of a cleaning of house after a fifth consecutive season under .500. Vic Fangio has been relieved of his duties after three seasons as Denver head coach. The Broncos went 7-10 this year and haven’t made the playoffs since winning the Super Bowl with Peyton Manning in the 2015/16 season.
"We're glad to put this issue behind us and move closer to transitioning ownership of the Broncos,'' said Denver CEO Joe Ellis Tuesday in a statement. "While our focus is on our head coaching search, we plan to make an announcement regarding ownership shortly after that hire is completed.''
Can Manning and Elway turn things around in Denver?
Two Hall of Fame quarterbacks, and Super Bowl winners with the Denver Broncos could potentially be a part of the incumbent ownership group in the near future. While nothing has been solidified, both Peyton Manning and John Elway have stated that they would be interested in joining a group that could make a bid for the franchise.
Elway is the Broncos current president of football operations, and was the general manager up until the end of last season. While Elway is connected to the matter closely, Manning has kept his distance but did say that he would listen to possibilities of joining an ownership group, but “it would have to be the right fit.”
Ellis optimistic a deal will be done soon
It would take the new owner, or ownership group $1.2 billion to but 30% of the team, which is what league policy states is necessary to but the majority star in a franchise. The Broncos are currently valued at $4 billion.
There was optimistic talk from Ellis that a deal to sell the team would be in place by the start of next season, and with the ruling from the Denver district court the Broncos are one step closer. After the Broncos final game of the season, the Broncos CEO told reporters “Out of respect for the court, I'm going to wait and get back to you at a later date on that ... I want the court to be able to let its process see through to the end. From there, I'll be able to get back to you and let you know where things stand.''
Recommended in Nfl
- MLS LAFC back-to-back road victories after win over Austin FC
- GOLD CUP Will there be fans at the Gold Cup? What are the Covid-19 restrictions?
- Euro 2020 Golden Boot standings: who are the top scorers?
- PSG Ramos speaks after PSG make signing official
- UFC When was Conor McGregor's last UFC fight, and what was the result?
- UFC What were the results of McGregor vs Poirier 1 and 2?