NFL Rumors: LA billionaire set to rival Peyton Manning & John Elway for Broncos ownership rights
With the Denver Broncos up for sale, more billionaires are coming out of the woodwork at a steady clip with their checkbooks open and pens at the ready. The latest such billionaire hails from Los Angeles. Here's what we know.
According to the Los Angeles Times, the latest interested billionaire for ownership of the Denver Broncos is Alec Gores. Gores, who is 69 years of age, owns a business that buys and sells companies.
He will be part of a group of three to try and purchase the Broncos. Alec Gore, Dean Metropoulos and Mat Ishiba make up the group.
The total net worth of the trio is $10 billion, according to Forbes.
Meanwhile, the Denver franchise is expected to cost about $4 billion, almost half the net worth of Gores, Metropoulos, and Ishiba combined. Of course, this is far from the only group that has formed with the intention of buying the team.
Other notable groups include former players John Elway and Peyton Manning.
NFL Rumors: Who will own the Denver Broncos?
Both Elway and Manning have put together their own groups and will be competing for the winning bid when the auction formally takes place.
Broncos fans are rooting for either player to win the team, but as time goes on, the odds of Manning or Elway landing the team appear to be shrinking.
With each billionaire and group arriving in the fray, the odds shrink for the two Hall of Fame quarterbacks. The tentative number of groups is changing constantly, but there are about seven groups with serious intentions to buy the team.
When John Elway was offered to buy 20 percent of the Broncos 23 years ago, it came at a discounted valuation of $180 million.
The Broncos are now for sale.
They could sell for $4 BILLION
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At face value, the odds for Elway and Manning before the addition of the Gores group were about two-in-six, or one-in-three (33 percent). After the addition of the Gores group, their odds of owning the team drops to two-in-seven (28 percent). There are other factors to consider.
There are singular billionaires that will be bidding on the team in addition to groups. As such, the group will be slower to counteract a singular bidder.
This is because everyone in the group needs to agree on the bid before it is submitted. Meanwhile, the singular bidder only needs to convince himself.
Denver Broncos goes for sale on the same day the Flores lawsuit drops 😳
While the groups may have a lot of buying power, if they go over budget, it will hurt their chances of adjusting. Any singular billionaire can simply be impulsive and spend a chunk more than they wish just to win the bidding war.
That said, these billionaires didn't become billionaires by spending large heaps of money impulsively.
In other words, if the team becomes too expensive, they should be able to control themselves. That said, opportunities to buy NFL teams don't come along often, especially teams with the historical significance of the Denver franchise.
To be fair, anything can happen when the final groups sit down to make bids. Who will be the next owner of the Denver Broncos?