Pat Bowen net worth
Number of divisions: 8
What is Pat Bowen’s net worth?
Pat Bowlen is an American lawyer and the majority shareholder and CEO of the Denver Broncos of the National Football League. At the time of his death in 2019, Pat Bowlen had a net worth of US$1 billion.
Early life and career
Pat Bowlen was born in Prairie du Chein, Wisconsin in 1944. His father Paul Bowlen has become a millionaire in the Canadian oil industry. Bowlen has a bachelor’s degree and a juris doctor degree from the University of Oklahoma. Although there is a lot of oil money in the family, Pat became rich on his own with his successful legal practice in Edmonton, Alberta, Canada. Bowen also served as an executive and real estate developer for his father’s company Regent Drilling.
Buy Broncos
In 1984, when the Broncos faced bankruptcy under the leadership of former owner Edgar Kaiser, Bowen, his brothers John and Bill and his sister Mary Beth bought the NFL franchise for $78 million Right to the majority stake. A year later, his other family members joined and purchased the entire franchise.
In the 1983 draft, the future Broncos superstar John Elway was initially selected by the Baltimore Colts with the first overall pick. Elway didn’t want to play for the Colts, and even threatened to accept an offer to play baseball or the New York Mets instead of playing for the Colts. The Colts finally gave in and traded Herway to the Broncos in exchange for an offensive winger named Chris Sinton.
Herway led the Broncos to five AFC titles in 1986, 1987, 1989, 1997 and 1998, and two Super Bowl titles in 1998 and 1999. The opportunity to do this is because of Pat Bowlen.
Doug Pensinger/Getty Images
John Elway Ownership Offer
In 1998, as Elway’s career came to an end, Bowen made a two-part offer to the legendary quarterback:
Part 1) Bowen will sell 10% of the Broncos to John 15 million USD.
Part 2) If John agrees to give up his deferred salary, he will receive an additional 10% of the team equity.Owed john at the time 21 million USD In deferred wages. 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. John refused, but chose to pay first. Sadly, he subsequently invested about 15 million U.S. dollars in a Ponzi scheme, which wiped out 7 million U.S. dollars almost immediately. As of 2019, the value of the Broncos is estimated at $2.7 billion. If John accepts the deal, his 20% stake today will be worth US$540 million.
