The brother of Broncos owner Pat Bowlen is prepared to sell his stake in the team, which is between 30 and 35 percent.
John Bowlen, the younger brother of Pat Bowlen, told Nicki Jhabvala of the Denver Post he felt it was the right time to sell.
“Personally I think the price is going to be good and we seem to have some interest,” Bowlen said. “So that’s it.”
He said there was no animosity toward the team, and that he was “quite pleased” with the job president/CEO Joe Ellis and counsel Rich Slivka have done running the Broncos as two of the three trustees. That runs counter to the initial announcement he made on Twitter confirming his decision to sell, in which he said: “My brother Pat’s leadership has been greatly missed.”
Pat Bowlen stepped away from day-to-day operations of the team in 2014 as a result of the progression of Alzheimer’s disease.
The team issued a statement confirming the sale, emphasizing that John “is extremely pleased with the way the organization is being operated under Joe Ellis in the absence of his brother, owner Pat Bowlen.”
John Bowlen’s stake should be worth around $700 million, if you believe the Forbes estimate that pegs the team’s value at $2.4 billion.
Pat Bowlen’s majority share in the team will transfer to his children, with one of them to be picked as controlling partner. The league will be monitoring this one closely, as the control of the Titans among the heirs of Bud Adams has been an issue for months, and remains unresolved.