Brittany eventually joined the Broncos in December 2019 at a vice-president level and she was promoted to her current post of senior vice president of strategy.īrittany Bowlen was the trustees’ preferred choice to replace Pat, but on Dec. Four months later, Brittany Bowlen, one of Pat’s five children with Annabel, said she wanted to succeed her father.
In 2018, two of Bowlen’s daughters went public with their desire to replace their father as controlling owner.īeth Bowlen Wallace, the second of Pat’s two children with Parker, had her request quickly denied by the trustees. Last August, Forbes valued the Broncos at $3.75 billion, 10th in the NFL and 25th in the world among sports franchises. The new owner will be the fifth in Broncos history, following Bob Howsam (1960), Gerald Phipps and Cal Kunz (1961-80), Edgar Kaiser (1981-84) and Bowlen (1984-present). The Panthers (David Tepper), Miami Dolphins (Stephen Ross) and Buffalo Bills (Terry and Kim Pegula) were all 100% purchases. The sports industry source, based on previous NFL team sales, said the Broncos’ new owner will likely own 100% of the club or close to it. Two key NFL rules during the sale process: A majority owner must purchase at least 30% of the club and they can’t bring in more than 24 partial-share investors. The trustees will be the ultimate decision-makers on which prospective buyer will be selected and they are expected to be in daily contact with their financial and legal advisors to answer and ask questions throughout the process. The format is expected to be auction-style. The trustees, whose fiduciary responsibilities are to the beneficiaries (two daughters from Bowlen’s marriage to Sally Parker and two sons and three daughters with his widow, Annabel), are expected to accept the highest bid. It is expected that each potential buyer will sign a non-disclosure agreement once they officially express interest, which prohibits them from publicly revealing details of the process and who has or hasn’t placed a bid. Instead, the calendar is based on how quickly the buyers emerge. The timetable isn’t set by the trustees or their advisors, a sports industry source said in a phone interview with The Denver Post. If they approve the candidacy, it moves onto to the ownership group and 24 teams must vote “yes” for approval. Once selected by the trustees, a prospective owner must meet with the NFL’s Finance Committee. “Nonetheless, the trustees hope to have the sale completed by the start of the 2022 NFL season.” “Selling an NFL team is a complex process involving numerous parties and league approval procedures,” Ellis said. The role of Allen & Co., is vetting all prospective buyers and to insulate the trustees from having direct contact with buyers. Notable alumni of Proskauer Rose include the late NBA commissioner David Stern and current NHL commissioner Gary Bettman.
The trustees - Ellis, team counsel Rich Slivka and local attorney Mary Kelly - have hired Steve Greenberg of Allen & Co., as their financial advisor and Joe Leccese of Proskauer Rose LLP as their legal advisor.Īllen & Co., has previously worked as an advisor for the New York Mets, Facebook, Time Warner Cable and AOL during acquisitions and mergers. “Over the past 38 seasons, his vision enabled the Broncos to become champions on and off the field.” 1 in everything,” the Bowlen family said in a statement. “When Pat Bowlen purchased the Denver Broncos in 1984 … he set out with the goal of being No. He retired from day-to-day Broncos business in July 2014 and died of Alzheimer’s in June 2019. Under Bowlen, the Broncos won three of their Super Bowl appearances, 13 AFC West titles and had 21 winning seasons. The Broncos’ final price could reach $4 billion. The record sale price for an NFL franchise is $2.275 billion for the Carolina Panthers.
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