The impending sale of the Denver Broncos is the biggest story of the offseason, headlined by two Bronco Hall of Famers competing for the bid.
It's not very often that an NFL franchise hits the market, and with sports teams exploding in value the people who can afford them are limited. Per ESPN’s Adam Shefter, the Broncos could potentially sell in the $4-6 billion range, a staggering number but not out of line with recent team sales such as the Carolina Panthers ($2.25 billion in 2018).
In recent history we have seen "ownership groups" formed by ex-players purchase organizations, examples being Derek Jeter's group buying the Miami Marlins in 2017, Magic Johnson and the LA Dodgers in 2012, and Michael Jordan's majority ownership of the Charlotte Hornets in 2010. Unless you are Jeff Bezos (whose name was floated as a possible owner a few months ago), it takes a few combined bank accounts to write a 5-billion-dollar check. The most interesting ownership prospects early in the process are led by ex-Broncos Hall of Fame quarterback and general manager John Elway, and ex-Broncos Hall of Fame quarterback Peyton Manning.
When Broncos owner Pat Bowlen entered advanced stages of dementia in the early 2010s, he established a "trust" (consisting of team president Joe Ellis, general counsel Rich Slivka, and attorney Mary Kelly) to make ownership decisions in his stead. The real purpose of the trust was to oversee the transfer control of the team to one of Bowlen's many children. Back then it seemed that his son John Bowlen was the obvious heir, but a string of public embarrassments quickly removed him from contention. Daughters Brittany and Beth have since filed lawsuits against each other and the trust itself over perceived wrongs in the process, although the children maintain their personal relationships are strong (I'm going to call BS on that one).
Brittany Bowlen, the youngest of the clan, was the latest front runner and most involved with the business side of the organization, but Pat Bowlen clearly stated that without the family agreeing on which child should be the controlling owner (and that child being deemed competent by the trust), the team should be sold. When the trust was made official in 2011, they set a ten-year limit to give themselves a decade to either figure it out or sell the team, and that expired when the clock hit zeros against Kansas City last Saturday evening.
Last week a Denver municipal judge ruled in the Trust’s favor, denying a lawsuit from the Bowlen children attempting to block a sale despite the trust's expiration. With the senior Bowlen’s requests for family ownership not met, the judge’s decision opened the door for the immediate sale of the team in the 2022 off-season. Rumored names interested in ownership became more than rumors, inviting a host of speculation and “what if’s” for the fan base in the Mile High City.
Elway's tenure with the front office in Denver is marked by extreme highs...but also the lowest lows the franchise has ever experienced. After taking over the Broncos in the 2010 offseason, Elway drafted Von Miller and acquired Peyton Manning, eventually resulting in a 2015 championship. What followed was six seasons of missed playoffs and losing records, busted draft picks and Elway began as the GM, then was the GM/VP of Football Operations, and finally just the VP of Operations in 2021 after firing himself as GM. There was many a raised eyebrow when Elway recused himself from the general manager post, with the accepted reason being the team simply needed a fresh set of eyes, but one was left to wonder if it had something to do with Elway distancing himself from the day-to-day operations of the team while he gathered resources to make an ownership run. Elway obviously had better insight into whether the team would be sold or not than most others in consideration, and probably has a leg up on others trying to attract investors due to his Super Bowl-winning history with Denver as both a player and executive.
Manning's interest in team ownership has never been a secret, and now that brother Eli is retired the two have quietly been building momentum to make a serious bid. When the Carolina Panthers were up for sale in 2018, billionaire Ben Navarro asked Manning to join his ownership group, but Manning ultimately declined. Peyton's presence in Denver never diminished after retiring, as he kept his home in the area and remains connected with the organization through training camp and advisory roles. He does this with many teams, so Denver isn't alone in that but being in his backyard helps. Manning hasn't shown interest in coaching, he has continually turned down exclusive TV offers, and all signs point to him holding out on doing anything serious until the Broncos ownership situation is cleared up. I believe he declined the Carolina offer because he doesn't want to own the Panthers, he wants to control an organization that means something to him. Manning has deeper roots in Colorado than many other likely contenders, save John Elway, and that's what makes these two the clear fan favorites for new ownership.
Colorado sports mainstay Woody Paige tweeted out that six bids will be taken and reviewed by the trust, who naturally will be overseeing the sale in the place of Bowlen. Currently the Broncos are valued at $3.75 billion, but the new CBA along with its expanded TV contracts puts the franchises' value basically in the eye of the beholder, and the recent judge ruling allows the team to be sold to the highest bidder. Elway's and Manning's groups are two of the potential six, and the other four remain unknown although Paige postulated on Twitter that one of the groups will be Colorado-based.
Just because two generational Denver heroes are bidding for ownership does not mean one of them will automatically win. Ownership groups generally have spending limits due to the nature of needing a group in the first place, whereas competing billionaires have freer pockets and more decision-making power. Meaning, if a billionaire wants to overspend on the Broncos, nothing will prevent them from outbidding a group like the ones including Elway and Manning. Most fans don't want to hear this, but the chances of either group succeeding are likely low from a monetary standpoint.
While the former QBs are sexy options, the financial stability of a single owner generally means they can invest more in the physical franchise, i.e., a Jerry Jones-type, whereas groups are often maxed out by the purchase itself and require time before any sort of facility upgrades can be afforded. Whether it’s a billionaire living out his childhood dream of owning a team, a businessperson solely interested in profits, or a hallowed ex-player taking the reins, each comes with a full set of pros and cons. Manning has never done anything concrete to say he will be successful at making decisions at the highest level. Elway is directly responsible for the sordid stretch the Broncos have experienced since Super Bowl 50, so that doesn't really give me warm fuzzies knowing that he will go unchecked with even more power now. Business-minded owner interested in profits sounds a lot like the Rockies and the Monfort family (no one wants that), and a billionaire too involved on Sundays can wreck your team's future if they don't let the football guys do the football stuff. Case in point, the new Carolina owner was reportedly giving the coaching staff his game plan suggestions, and that's probably a bad idea.
If the trust places any esteem in the future of the team, you imagine they would love to see Elway or Manning be the face of the franchise in the place of a Bowlen heir, so it could be that more than just fans are rooting for one of the Hall of Famers to come up with the right amount of cash to make the deal happen. The NFL fully expects a new Broncos owner to be in place before the kickoff of the 2022 season in September, so whatever transpires it will happen quickly. Along with GM George Paton's search for a new Broncos head coach, this is turning into a very busy offseason for the Denver front office.
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