Broncos | Ex-Owner Says He Would Have Taken Refused Elway Deal
The Denver Post reports former Denver Broncos owner Edgar Kaiser said Thursday, Feb. 5, he would have accepted Broncos owner Pat Bowlen's offer to sell a stake of the team to former Broncos QB John Elway in 1998 had it been offered to him first. Testifying during the fourth day of a trial over a contract dispute between him and Bowlen, Kaiser described Bowlen's offer to sell Elway 10 percent of the Broncos for $15 million as "a risk I'd take any day." Bowlen structured the offer to allow Elway to convert $15 million in back pay Bowlen owed him into a disproportionately large ownership stake, Kaiser's lawyers said. At $15 million, the offer was half of the estimated value of a 10 percent stake at the time, they said. Elway, who is expected to testify in the trial today, did not accept the offer. Bowlen's lawyers countered that Kaiser would not have accepted the offer because it included a provision for Elway to become a special assistant to Bowlen and later operations chief of the team. Kaiser could not have worked for Bowlen, they said.
2004-02-06 15:56:07 | Source:
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