ORLANDO, Fla. — Last season, Broncos minority owner John Bowlen announced his intention to sell his nonvoting stake in the team. His oil and gas company in Canada filed for bankruptcy a year earlier, and the time was right for him to test the market, he said.
But in the ensuing five months, the Broncos took steps to ensure that multiple parties would benefit from his desire to sell.
Last week, The Denver Post learned the team planned to buy back a portion of John Bowlen's interest for an undisclosed amount. Sunday, the deal was finalized.
"What went into it was the feeling that we had, as trustees, that it was really Pat's desire to consolidate when he could," Broncos president, CEO and controlling owner delegee Joe Ellis said. "So we followed through on that, and John was very understanding and very willing and open to working with us. So we were able to construct a deal that was beneficial to both parties."
The deal provided John Bowlen a financial gain while he remained a significant minority owner of the team. It also enlarged the total interest that would be split among Pat Bowlen's children when and if Pat's ownership was passed down to them. And perhaps most significant, it kept ownership of the team within the Bowlen family.
"I think the family itself would like to see that happen, and eventually, when a child is named in control of the team for the future," Ellis said. "Certainly the transaction is with that in mind, to keep the team in Pat's family."
Any news of the Broncos' ownership usually draws the same what-ifs and speculation about the team's future. But when asked again if the trust had any plans to sell the team, Ellis said flatly: "No."
Hall hopes
The year of 2019 could be a significant one for the Broncos in Canton. Former cornerback Champ Bailey will be eligible for the Pro Football Hall of Fame for the first time since retiring in 2014, and Pat Bowlen could finally be inducted as a contributor.
"That'd be exciting and well-deserved for each of them," Ellis said. "I think Champ's going to get in. It was just a great career that he had. And it's time for Mr. B to get in, too. His accomplishments are well-noted. We've been through that many times before, and I hope the (selection) committee recognizes that as we get closer to that meeting for the contributors. We've got our fingers crossed. This could and should be his year."
Up to two contributors can be selected for the Hall of Fame's Class of 2019, and the finalists are usually revealed in August.