Broncos | Kaiser Could Be Offered Stake in Franchise
The Rocky Mountain News reports a federal judge said former Denver Broncos owner Edgar Kaiser should have the same opportunity that former NFL QB John Elway had in 1998 to become a minority owner of the franchise. More than four months after a jury determined Kaiser was cheated out of his right to become a team owner, U.S. District Judge Richard Matsch offered a "workable remedy" Tuesday, June 29, to determine how Kaiser should be compensated. Instead of monetary damages, the judge said he was apt to order Broncos owner Pat Bowlen to match what he offered Elway – a contract to own one-tenth of the NFL franchise for $15 million, about half of its estimated market value. Elway later passed on the deal, which came with a June 1999 closing deadline. Matsch gave both sides 45 days to provide their own terms of a "fair purchase price."
2004-06-30 09:06:35 | Source:
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