John Elway had an amazing NFL career. He threw for more than 50,000 yards, an even 300 touchdown passes, and made nine Pro Bowl teams. He rode off into the sunset, too; his final two seasons ended with Super Bowl championships. He was set to retire as a Denver Broncos legend—the only franchise he had ever played for.
Before that retirement happened, while Elway was still playing quarterback in October 1998, Broncos owner Pat Bowlen approached him with an offer:
$15 million for a 10% stake in the team.
To sweeten the offer, if Elway agreed to forgo his deferred salary of $21 million, he’d earn another 10% in equity of the team.
To simplify all of the above, Bowlen was offering Elway 20% of the Broncos for $36 million—valuing the team at $180 million.
To sweeten the deal even more, Bowlen gave Elway the option to sell back his interest in the team after five years for his purchase price plus $5 million, if he so desired. Elway would also have the right of first refusal to buy any additional stake in the team, should the Bowlen family sell.
At this point Elway had made more than $50 million during his NFL career and just one year earlier sold his John Elway Autos car dealership to AutoNation for $82.5 million. That deal included an annual licensing fee that Elway would receive for the next decade. So he was flush.
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However, Elway said no—he wasn’t interested in owning the team. But that’s okay; he likely invested that money elsewhere and got a good…
