John Elway is a very rich man, but he could’ve been so much wealthier right now if not for a very bad mistake he made almost 25 years ago.
The impending purchase of the Denver Broncos for a record of $4.65 billion probably stings a bit for the legendary quarterback. Elway, the former Broncos quarterback-turned-executive, was offered the chance to purchase a stake in the team in 1998, according to Action Network’s Darren Rovell.
The Broncos’ current sale would have earned him around $900 million if he hadn’t turned that offer down. The Super Bowl champ was still playing for the Broncos at the time when he was offered a 10 percent piece of the team by owner Pat Bowlen “for the money that they owed him ($21 million),” per Rovell. Bowlen also offered Elway an additional 10 percent of the Broncos for $15 million.
Bowlen gave Elway a full season to think about the offer. In 1999, the QB led Denver to a second straight Super Bowl title, and he decided to retire shortly after. With the deal still on the table, Elway eventually decided to pass on the opportunity and invested his career earnings elsewhere.
The values of NFL franchises have exploded to colossal levels in recent years, and they are only expected to increase.
After serving as the Broncos’ general manager for 10 years and leading the team to another Super Bowl in 2016, Elway stepped down from his position in 2021. He stayed on as the president of football operations for one more season before taking on a new role as an “outside consultant” in 2022.
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Elway is still worth $145 million today, and would easily be a billionaire if not for that massive mistake. He’s not hurting for money, but who couldn’t use an extra $900-million?