John Elway net worth
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What is John Elway’s net worth and salary?
John Elway is a retired American football player with a net worth of US$145 million. He currently serves as the general manager and president of football operations for the Denver Broncos. Elway was a very successful quarterback in his career, and he set multiple records before retiring in 1999.
During his NFL career, John made $47 million on salary alone. During his playing days, he earned tens of millions of extra income from endorsements. Outside of professional sports, he has made and lost huge fortunes in external business investments. We will describe these transactions in detail later in this article.
early life
John Elway was born in Port Angeles, Washington with his twin sister on June 28, 1960. John grew up with his twins and an older sister, and he has watched his father become an excellent football coach since he was a child. Because John’s father Jack served as a football coach for the University of Montana and Washington State, the family moved across the United States.
John Elway performed well as a high school quarterback, making himself a “double threat”, able to pass and run with the same level of proficiency. In high school, Elway also became a skilled baseball player. By the time he was about to graduate, dozens of universities had already sent him football scholarships.
He eventually joined Stanford University and became their star quarterback. Although his last game at Stanford was ruined by a controversial game that caused the team to lose, he still accumulated an impressive record and attracted the attention of the NFL. He also continued to excel on the baseball field and received a bachelor’s degree in economics.
Profession
John Elvey was selected by the Baltimore Colts in the 1983 draft, and then he controversially persuaded them to trade him immediately. He even threatened that if he was not traded, he would play for the New York Yankees (Elway still has the potential to become a professional baseball player). In the end, he got his wish and was traded to the Denver Broncos.
At the beginning of his career with the Broncos, Elway worked hard to establish himself as the team’s starting quarterback. However, when Steve De Bergh suffered a shoulder injury, Elway stepped in and led them to the 1986 Super Bowl. In 1987, the Broncos returned to the Super Bowl but were defeated for the second time. They returned to the Super Bowl in 1989 and this time suffered a rather frustrating defeat. At this stage of his career, Elvi is still very young, and some people doubt whether he will win the Super Bowl.
However, in the next few years, he gradually gained valuable experience and confidence. In 1997, he led the team back to the Super Bowl and finally won the coveted victory. Once again, Elway’s performance needs to be improved-but it is not important. The Broncos won. The following year, Elway won the Super Bowl again, which was one of the best performances of his entire career. In his last game, he was named MVP.
(Photo by Matthew Stockman/Getty Images)
car dealer
John Elway has established five car dealers under the brand name of John Elway Autos. The Denver-based distributor sold it to AutoNation in 1997 for $82.5 million. The deal also allowed AutoNation to use the Elway name as a marketing strategy before 2006. After the deal expired in 2006, Elway was able to re-enter the auto dealership industry in its own name.
In the following years, John established two Toyota Scion dealers in California, a Chevrolet dealer in Colorado, a Chrysler Jeep dealer in Colorado, and a Cadillac franchise under the Sonic Automotive brand.
Potential ownership of Mustang
John Elway once had the opportunity to buy an extremely profitable share that would eventually become a franchise for the Denver Broncos. In the late 1990s, with the end of John’s career, Bronco boss Pat Bowlen offered to sell a 10% stake in the Elway team for $15 million. If Elway gave up the $21 million salary that was owed to him at the time, the deal could also give him the option to acquire another 10%. He will also become Bowen’s special assistant and the Broncos chief operating officer (with his own salary of course).
So, in other words, if John used his $15 million in cash and gave up $21 million in future income, he would own 20% of the Broncos. Owning 20% of the NFL franchise is basically $36 million. Using these numbers, Pat Bowen valued the Broncos at $180 million.
The deal even allowed Elway to sell back his shares with a $5 million markup and 8% interest per year since the initial purchase. Finally, if the Bowen family decides to sell the entire franchise, Elway will receive the first batch. Hervey refused to make the deal.
It turned out that this was a very bad decision. At the time of writing, the Broncos are worth $3 billion. If Elway acquires 20% of the shares, the value of today’s reduction will reach $600 million.
Years later, many observers were puzzled, wondering why John never put his pen on paper. These observers also pointed out that Elway Have done In fact, the $15 million is by his side—in fact, before Pat Bowlen proposed this deal, he sold many car dealers for more than $80 million each year. In his defense, Elway explained that he did not agree with the deal because he believed he had no place in the execution of the Mustang business.
Other bad investments
Over the years, John Elway has made many bad investments. One of the most striking is the decision to invest $15 million in the Ponzi scheme (the same amount he could have invested in 10% of Broncos). He eventually lost 7 million U.S. dollars before he could withdraw 6 million U.S. dollars to safety.
In 1998, he invested heavily in a new company called Laundromax, but it failed to take off. That year, he also bought more than 130,000 shares of a Latin-language media company called QuePasa for $500,000. By 2000, the stock price had fallen from US$27 to US$1, which caused a huge loss to Elway. In 1999, Elway invested millions of dollars in a website called MVP.com, which was soon shut down. He also co-owned a football team with the Colorado Crush, which went bankrupt after the closure of the Arena Football League.
