OT: Broncos announce they're for sale with price tag expected to break records

[Brian in Mesa]

Broncos announce they're for sale with price tag expected to break records​

MSN

www.msn.com

The Denver Broncos are officially for sale, team president Joe Ellis announced in a statement Tuesday.

"The Pat Bowlen Trust announced today the beginning of a sale process for the Denver Broncos," the statement reads, in part. "Selling an NFL team is a complex process involving numerous parties and league approval procedures. Nonetheless, the trustees hope to have the sale completed by the start of the 2022 NFL season.

Pat Bowlen purchased a majority stake of the Broncos in 1984 and served as their CEO until he stepped down in 2014 due to an Alzheimer's diagnosis. Bowlen died in June 2019, leaving the Pat Bowlen Trust -- a three-person committee consisting of Ellis, Broncos vice president Rich Slivka, and lawyer Mary Kelly -- in charge of finding the next owner.

The price to purchase the Broncos is expected to exceed $4 billion, a record-breaking number for a sports franchise.

 

[Dback Jon]

I’ll chip in $20. Who’s with me?

 

[jf-08]

I’ll chip in $20. Who’s with me?

I'm in for $37.

 

[Brian in Mesa]

I'm in for $37.

Whoa. Majority stake, so far.

 

[Dback Jon]

I'm in for $37.

Oh look at Mr Big Shot!

 

[jf-08]

Oh look at Mr Big Shot!

#bigballer

 

[TRW]

I’d chip in some bitcoin, but I’m a bit out of coin at the moment

 

[Cheesebeef]

I got 5 on it!

 

[oaken1]

damn...I was expecting about 2.5bil... but 4 billion??, damn.


I'll throw in a thousand... but I want my own box, and I expect the team expenses to cover my flights from sacramento for every game

 

[LoyaltyisaCurse]

And the future owner will get to amortize the full purchase price and receive an equal amount in tax breaks over time. What a sham.

 

[Ouchie-Z-Clown]

Whatever all of you chip in, I chip in that plus $1. Controlling interest.

 

[Stout]

Whatever all of you chip in, I chip in that plus $1. Controlling interest.

One BILLION dollars (pinkie to mouth).

 

[QuebecCard]

And the future owner will get to amortize the full purchase price and receive an equal amount in tax breaks over time. What a sham.

Do you mean they may use amortization and tax breaks available to all corporate entities?

 

[AZman5103]

Worth Every Penny. The franchise will be worth double that in 10 years.

 

[JohnnyCakes]

And the future owner will get to amortize the full purchase price and receive an equal amount in tax breaks over time. What a sham.

good for him I say.

 

[Ouchie-Z-Clown]

One BILLION dollars (pinkie to mouth).

Luckily I know the combined wealth of ASFN doesn’t approach that.

 

[Dback Jon]

Luckily I know the combined wealth of ASFN doesn’t approach that.

Have you seen @jf-08 home coffee machine???

 

[LoyaltyisaCurse]

Do you mean they may use amortization and tax breaks available to all corporate entities?

Yes and no. Almost the entire business of sports teams are supposedly made up of intangible assets. I personally think it's nuts palyer contracts and media rights--depsite most rights classfied as intangible-- are part of the equation. You're not getting almost a 100% total write off in traditional businesses.

 

[LoyaltyisaCurse]

Furthermore, sports franchises seemingly continually appreciate in value while also claming amortization which seems to be counter intuative. I also don't understand how they can amortize player contracts while also being allowed to deduct them as a payroll expense.

 

[Brian in Mesa]

NBA Legend Magic Johnson has entered group bidding on Broncos​

NBA Legend Magic Johnson has entered group bidding on Broncos

As the bidding war for the Denver Broncos heats up, the group led by Philadelphia 76ers co-owner Josh Harris has added significant star power to their charge by adding NBA legend Magic Johnson to their bid group.

Johnson, 62, would be a huge add. With a net worth of around $600 million, he could also be a significant stakeholder in the team if the Harris-led group ultimately submits the winning bid for the franchise.