The imminent purchase of the Denver Broncos for a record $4.65 billion may be a bit of a pain for John Elway.
According to Action Network’s Darren Rovell, Elway, the former Broncos quarterback-turned-general manager, was offered an opportunity in 1998 to purchase an equity interest in the team. It would have fetched him around $900 million from today’s sale – if he hadn’t turned it down.
The Super Bowl champion was still playing for the Broncos when owner Pat Bowlen offered him a 10 percent share of the team “for the money they owed him ($21 million),” according to Rovell. Bowlen also offered Elway an additional 10 percent of the Broncos for $15 million.
Elway didn’t take the deal and with it the opportunity to potentially make around $1 billion.
Reportedly, John Elway missed an opportunity to acquire a stake in the Denver BroncosGetty Images
“At a $4.5 billion valuation, John Elway’s 20 percent stake, which he could have gotten for $36 million, would be worth $900 million today,” Rovell noted in his report.
Elway, who played 16 seasons for the Broncos, earned $45.4 million during his playing career, according to Spotrac. In 1997 he also sold five car dealerships for $82.5 million.
Meanwhile, Walmart heir Rob Walton – who is leading the Broncos acquisition with daughter Carrie Walton Penner and her husband Greg – said Wednesday he was “excited” to move forward with this lucrative next chapter.
Had John Elway accepted the deal, the upcoming sale of the team would have resulted in a $900 million opportunity today, according to Getty Images
“We are extremely pleased to have been selected to advance the Denver Broncos purchase!” Walton said in a statement Wednesday. “Carrie, Greg and I are inspired by the opportunity to lead this amazing organization in a vibrant community of opportunity and passionate fans. Having lived and worked in Colorado, we’ve always admired the Broncos. Our excitement has only grown as we have learned more about the team, the staff and Broncos Country over the past few months.”