After a long 38 years, the right of first refusal agreement (ROFR) between the late Pat Bowlen and Edgar Kaiser Jr. has been dissolved after a settlement was made between the respective estates.
Dan Reilly, attorney for the three trustees of the Patrick D. Bowlen Trust, told 9News, “The sale of the Broncos can now proceed free and clear without interruption.”
Lawyers representing both estates filed a “voluntary dismissal agreement” in the Colorado Court of Appeals on Thursday to the ROFR ruling earlier this year, per 9News.
Denver district judge Shelley I. Gilman ruled in January that the heirs of former Broncos owner Kaiser Jr. could not buy back any of the franchise. A holding group that represents his estate petitioned, saying they had the right of refusal to any sale of the Broncos and highlighting when Kaiser sold it to Pat Bowlen in 1984. Kaiser died in 2012 and Bowlen died seven years later.
The judge determined that Kaiser’s heirs had no claim and the right of first refusal mentioned in the former agreement was not enforceable or valid. However, the Kaiser estate did file an appeal several weeks later, per 9News.
Soon after the ruling, Broncos President and CEO Joe Ellis announced on Feb. 1 the upcoming sale of the franchise. As of March 28, Ellis said that that plan is for the sale to be completed before the beginning of the season.
“I really believe we can have a new owner in place by that time,” Ellis said to a group of reporters at the NFL's Annual Meeting. “Don't hold me to that as a guarantee, but I do think that that's a realistic timetable.”
According to the CEO, there is “really a significant amount of interest” in purchasing the team. Per Forbes, the franchise is worth just a tad short of $4 billion as of September. Former Denver star Peyton Manning reportedly expressed interest in having an ownership piece of the franchise back in December.
However, Ellis previously emphasized the need for someone who understands how important the Broncos are to the region.
“That process of interviewing, getting them to understand what the Broncos are all about, what being an NFL owner is all about … is important to the membership inside here at our meetings,” Ellis said, per denverbroncos.com. “I've had a few owners come up and say that, ‘We want a person that is going to be present and is going to be engaged and not be distant from his or her franchise.’ Be very visible, be very present and those type of characteristics I think are important. And they're being relayed to the prospective bidders. The bidders all understand that.”
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