The impending purchase of the Denver Broncos for a record of $4.65 billion probably stings a bit for John Elway.
Elway, the former Broncos quarterback-turned-executive, was offered the chance to purchase a stake in the team in 1998, according to Action Network’s Darren Rovell. It would have earned him around $900 million with the sale today — if he hadn’t turned it down.
The Super Bowl champ was still playing for the Broncos at the time when he was offered a 10 percent piece of the team by owner Pat Bowlen “for the money that they owed him ($21 million),” per Rovell. Bowlen also offered Elway an additional 10 percent of the Broncos for $15 million.
Elway didn’t take the deal, and along with it, the opportunity to potentially make around $1 billion.
“At the $4.5 billion valuation, John Elway’s 20 percent stake that he could have gotten for $36 million would have been worth $900 million today,” Rovell noted in his report.
Elway, who played for the Broncos for 16 seasons, made $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 purchase with daughter Carrie Walton Penner and her husband, Greg — said Wednesday he’s “thrilled” to be moving forward with this lucrative next chapter.
“We are thrilled to be selected to move forward with the purchase of the Denver Broncos!” Walton said in a statement Wednesday. “Carrie, Greg and I are inspired by the opportunity to steward this great organization in a vibrant community full of opportunity and passionate fans. Having lived and worked in Colorado, we’ve always admired the Broncos. Our enthusiasm has only grown as we’ve learned more about the team, staff and Broncos Country over the last few months.”