The sale of the Denver Broncos hit a legal roadblock when ROFR Holdings reiterated former owner Edgar Kaiser’s right of first refusal.
However, Denver’s Second District Court Judge Shelly I. Gilman ruled that the late owner’s first refusal provision was not transferrable.
Had ROFR succeeded, they would have control over the sale.
If they don’t have enough money to re-purchase the squad, they could look for a potential buyer who could buy the team.
With that ruling settled, the Broncos’ sale can proceed and ROFR couldn’t question the process.
Several ownership groups will submit their bids to purchase the franchise and Ari Meirov has an update regarding one of them.
Magic Johnson has entered the bidding for the Denver Broncos and is joining a group led by 76ers co-owner Josh Harris, per @Sportico. When the #Broncos are sold, it is expected to set a record for the highest price ever paid for a sports franchise — likely going over $4 billion.
— Ari Meirov (@MySportsUpdate) May 5, 2022
The Pro Football Focus writer tweeted, “Magic Johnson has entered the bidding for the Denver Broncos and is joining a group led by 76ers co-owner Josh Harris, per @Sportico. When the #Broncos are sold, it is expected to set a record for the highest price ever paid for a sports franchise — likely going over $4 billion.”
The Bowlen Family Will Make A Fortune
In 2018, David Tepper bought the Carolina Panthers from embattled owner Jerry Richardson for $2.275 billion.
There’s no way the Broncos will sell at a lower rate and the $4 billion projected price is within team valuations.
Forbes revealed that the Dallas Cowboys are the most valuable NFL franchise at $6.5 billion while the Buffalo Bills are 32nd at $2.27 billion.
The Broncos’ price tag is roughly in the middle.
If successful, Johnson will add the Broncos to the teams that he partly owns.
He was also part of the ownership group that bought the Los Angeles Dodgers for $2 billion in 2012.
Denver is also an attractive buy because they have a competitive team for the foreseeable future.
They have Russell Wilson at quarterback and he is expected to elevate an offense that has Melvin Gordon III, Javonte Williams, Jerry Jeudy, Tim Patrick, and Courtland Sutton.
NEXT: Russell Wilson Comments On His Broncos Receiving Corps