John Bowlen has agreed to sell a portion of his stake in the Broncos back to the team, Nicki Jhabvala of The Denver Post reports. Bowlen, the brother of Broncos majority owner Pat Bowlen, announced almost five months ago he intended to sell his non-voting minority interest in the team.
“The Denver Broncos have reached an agreement to purchase a portion of minority owner John Bowlen’s share of the team, pending final approval from the NFL that is expected in the next few days,” the team said in a statement to the newspaper.
“This transaction further consolidates Pat Bowlen’s majority, controlling ownership interest in the Broncos while keeping 100 percent of the team in the Bowlen family. The acquisition of this share is independent of Mr. Bowlen’s succession plan that is being administered by the Pat Bowlen Trust.
“John has been a great partner for many years, and we are very pleased he will remain a minority owner of the Denver Broncos.”
The team declined to tell the newspaper the percentage it bought back or the purchase price. The Broncos are valued at $2.6 billion, according to Forbes. Pat Bowlen and his siblings purchased the team for $78 million in 1984.