Sports

Denver Judge Clears The Way For The Broncos To Be Sold

January 11, 2022 / 11:30 PM MST / CBS Colorado

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DENVER (CBS4) - A Denver judge ruled Tuesday that the Denver Broncos can be sold. A holdings group was petitioning the court that they had the right of first refusal to any possible sale.

DENVER CO - SEPTEMBER 15: A sign of former owner of the Denver Broncos Pat Bowlen, who died recently after a lengthy battle with Alzheimers disease hangs on the stadium as the Denver Broncos take on the Chicago Bears at Empower Field at Mile High on September 15, 2019 in Denver, Colorado. (Photo by RJ Sangosti/MediaNews Group/The Denver Post via Getty Images)

Denver County Judge Shelly Gilman ruled "the right of first refusal... between Edgar F. Kaiser Jr. and Patrick D. Bowlen... is no longer valid or enforceable in any respect."

"We're glad to put this issue behind us and move closer to transitioning ownership of the Denver Broncos," Broncos CEO Joe Ellis said in a statement. "While our focus at this time is on our head coaching search, we plan to make an announcement regarding ownership shortly after that hire is completed."

The ruling clears the way for Broncos President/CEO Joe Ellis to lead the process of a team sale without interference from the Kaiser group, ROFR Holdings.

The Broncos are expected to sell for as much as $4 billion, which would set a record for sale price for an American professional sports team. The current record is $2.275 billion, set when hedge fund manager David Tepper bought the Carolina Panthers in 2018.