The Broncos are not yet for sale.
A day before the official start of training camp, team president and CEO Joe Ellis said the Broncos would re-evaluate the team’s ownership position after the 2021 season.
Ellis said the Broncos are “committed to a timely, responsible and systematic determination of ownership.”
The team’s lawsuit against Amy Klemmer/Beth Boulen Wallace was vacated, indicating progress in settlement negotiations, and the case was eventually dismissed, at the request of Clemmer/Wallace, on September 22 in Denver against the next estate for the trustees. The hearing date is former owner Edgar Kaiser.
Caesar’s camp argues that they deserve a right of first refusal. Meanwhile, Brittany Bolan may still be a contender to be the team’s eventual owner, but the Boulan family will have to come to a compromise on that, Ellis said.
In January, lawyers representing the Broncos’ parent companies asked a judge to rule that the right-of-first-denial condition disappeared upon Kaiser’s death in January 2012.
When Kaiser sold 60.8% of the Broncos to Bolen in 1984, the agreement included a right of first refusal, which is common in sales when there is no acrimony between the parties. A year later, Bolan bought the remaining 39.2% from John Adams and Tim Bourdain for $20 million.
In 1998, Boleyn offered John Elway the opportunity to buy 10% of the team for $15 million. Caesars protested, saying that Bouln had to give any piece of the Broncos to another party before he could. State and federal courts ruled in Bolan’s favor, although Elway did not take him up on the motion; The court held that the right of first refusal only applied to the 60.8% ownership interest that Bolan purchased from Kaiser.
However, Bolan’s victory did not completely eliminate the right of first refusal, which gave Kaiser 14 days to decide whether to buy the team if Bolan found a buyer.
This story will be updated.