The Denver Broncos are on the auction block and the clock.
But not one billionaire, or the spearhead of a potential purchase partnership, publicly has proclaimed interest in owning the Broncos. Yet.
On Feb. 1 CEO and trustee Joe Ellis released a significant statement: “The Pat Bowlen Trust announced today the beginning of a sale process for the Denver Broncos.’’
The Broncos, the Pat Bowlen family and the NFL are optimistic that the ownership matter will be discussed and/or voted upon at the league’s annual meeting March 27-30 at The Breakers in Palm Beach, Fla.
The buyers’ auction is anticipated to be held in March. The Broncos confront other critical dates in March and April. The players’ free-agency negotiations begin March 14, and contracts can be finalized March 16. The trading period also starts March 16. The draft will be April 28-30 in Las Vegas.
The Broncos’ three principal priorities have been: New coach, New ownership, New quarterback. One has been settled, and the other two are unsettled and unsettling.
The question is: Next month, do the fanatical followers of the Broncos want Aaron Rodgers or a brilliant billionaire who cares about the franchise and maybe has Peyton Manning as a minority shareholder?
The answer is: Both.
Beware the Ides of March, though.
The Broncos may get neither.
The Broncos’ trustees have hired Steve Greenberg of Allen & Company as their financial advisor and Joe Leccese of Proskauer Rose as legal consultant. Both have overseen and driven dozens of deals involving sports and media franchises. So, they obviously have connections among likely buyers, and the NFL accumulates a list of potential owners.
Based on research, the Broncos’ franchise is rumored to be appealing to 19 different parties. A majority of the speculations are false. Sources within the NFL have told me that six serious (unnamed) bidders could participate in the auction.
Years ago, Warren Buffet, an NFL fan, was asked if he wanted to own a team. He replied: “I don’t have one in my town (Omaha).’’ No other members of the Buffet family have shown any interest. However, heirs of Walmart founder Sam Walton have been involved with sports ownership. Ann Walton Kroenke officially owns the Nuggets and the Avalanche, and husband Stan Kroenke is the Rams’ owner. Nancy Walton Laurie and her husband Bill once bought the Avalanche, but the deal was rescinded, and they instead purchased the Blues. They own Paige Sports Entertainment (named for their daughter) and gave the University of Missouri $25 million toward construction of its basketball arena.
Forbes Magazine lists 10 billionaires of Colorado. Four have sports connections. John Malone’s Liberty Media owns the Braves; Pat Stryker has been a major contributor to Colorado State and its athletic program.; Mark Stevens is a minority owner of the Warriors, and Phil Anschutz (the owner of the Gazette newspapers) owns the Kings, the L.A. Galaxy, and Crypto.com Arena (formerly the Staples Center) and recently sold his 27 percent share of the Lakers. None of the four, or the other six Coloradans, will be bidding on the Broncos.
The most likely bidders will be hedge fund and private equity managers from around the country. Already, 18 are majority or minority owners of professional sports teams, including the Boston Red Sox, the Tampa Bay Lightning, the Milwaukee Bucks, the New York Mets and the Carolina Panthers, the last NFL team sold to David Tepper, a hedge fund manager, for $2.25 billion.
The Broncos could gross $4 billion for the seven Pat Bowlen children (11.14 percent each) and Bowlen’s brother John (22 percent).
Larry Ellison, the founder of Oracle and a sports enthusiast, was intent on buying a sports team, but purchased the Hawaiian island of Lana’i instead. The NFL wants Jeff Bezos to own a franchise, but Peter King of ProFootballTalk.com reported that the richest man in America doesn’t care to buy the Broncos.
However, Michael Rubin — who owns Fanatics, a retailer of sportswear and sports merchandise — has been linked to Manning for a viable ownership offer. Rubin is a minority owner, with two partners, in the Philadelpha 76ers and the New Jersey Devils. He considered a bid on the Panthers with Steph Curry.
An associate of Robert L. Smith, who was born in Denver and owns a ranch nearby in the mountains, told me the richest African American in the U.S. has “no interest.’’ Perhaps David Steward, a Blues’ minority owner, might be intrigued.
John Elway had dialogs about being a shareholder (1 percent) but told me he currently is not involved with a partnership.
And a Colorado businessman has retained a national law firm to represent him in pursuing a proposal.
However, nobody has announced an eagerness to put up 30 percent ($1.2 billion required by the NFL) in the most expensive sale of a sports franchise in American history.
Open the bidding.
More from The Woody Paige Sports Network:
- Woody Paige: That time I played blackjack with Michael Jordan in Monte Carlo
- John Elway’s 7 best moments as General Manager of the Denver Broncos
- Woody Paige: Ranking the Denver Broncos head coaching candidates
- Woody Paige: A tribute to the legendary John Madden
