NFL
John Elway's 23-Year-Old Mistake Is About to Cost Him a $900 Million Payday From the Broncos
Writing professionally since 2015, Jack Dougherty spent six years as a sportswriter with publications such as GoPSUSports.com, the Centre Daily Times, and the Associated Press before joining Sports7 in 2020. He covers the NBA, the NFL, and the world of golf extensively and has added expertise on any team located in or around his hometown of Philadelphia. Yes, that includes the Philadelphia Eagles, the Philadelphia 76ers, and Philadelphia Phillies. When Jack isn't writing about sports, he's watching them or playing them as he regularly heads to the gym for some pickup basketball or the golf course to hit the links. He's also an avid participant in the sports betting scene who worked at a casino sportsbook for a year and learned the ins and outs of the industry before bringing his expertise to Sports7 with one excellent gambling recommendation after another.
Get to know Jack Dougherty betterUpdated07 Jun 2022
Rob Walton, an heir to the Walmart fortune and the 22nd-richest person in the world, is reportedly close to purchasing the Denver Broncos with his winning bid of $4.5 billion. When completed, it will become the largest sale of a single franchise in sports history.
That's great news for everyone associated with the Broncos, and it should be even better news for Hall of Fame quarterback John Elway.
But because of his foolish decision to pass on buying a 20% share of the Broncos 23 years ago, Elway is about to miss out on what would be an $900 million payday.
Doh!
John Elway could've purchased 20% of the Broncos in 1998
The values of NFL franchises have exploded to colossal levels in recent years, but investors couldn't have seen this boom coming before the 21st century. Even Jerry Jones, who purchased the Dallas Cowboys for a mere $140 million in 1989, would've laughed in your face if you told him the team would be worth $6.5 billion (Forbes) three decades later.
But Jones took a calculated risk on something he truly believed in, and it's paid off in a massive way. Elway had the opportunity to do the same when he was still quarterbacking the Broncos.
According to Darren Rovell of the Action Network, after Elway had led Denver to its first-ever Super Bowl title in 1998, team owner Pat Bowlen offered the QB a 10% stake in the franchise for $21 million, which was the remaining amount the Broncos owed him. The offer also allowed Elway to purchase another 10% for just $15 million.
Bowlen gave Elway a full season to think about the offer. In 1999, the QB led Denver to a second straight Super Bowl title, and he decided to retire shortly after. With the deal still on the table, Elway eventually decided to pass on the opportunity and invest his career earnings elsewhere.
That turned out to be nearly a $1 billion mistake.
Elway is about to miss out on a $900 million payday
After serving as the Broncos' general manager for 10 years and leading the team to another Super Bowl in 2016, Elway stepped down from his position in 2021. He stayed on as the president of football operations for one more season before taking on a new role as an “outside consultant” in 2022.
Elway no longer holds an official position in Denver's front office, but he still could've been in line for a life-changing payday once Walton buys the team.
Elway's 20% stake of the Broncos would be worth a whopping $900 million when the $4.5 billion sale goes through. He had the opportunity to purchase that 20% stake for a measly $36 million.
Elway is still worth $145 million today, but his foolish choice to pass on buying an ownership stake in the Broncos 23 years ago could go down as one of the worst business decisions in sports history.
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