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Broncos Face Salary-Cap Fine For Second Time In Three Years
Published September 17, 2004
For Salary-Cap Violation
The NFL has fined the Broncos $950,000 and stripped the team of a third-round draft pick in next year’s draft “for manipulating financial issues involving player salaries,” according to Bob Williamson of the DENVER POST. The NFL following a 20-month investigation said that the Broncos “circumvented the salary cap in part to help pay costs connected with the building of Invesco Field at Mile High.” NFL Exec VP/Labor Relations Harold Henderson: “The investigation resulted in the discovery of undisclosed agreements between the club and Broncos players during the same period (1996-98) pursuant to which various players agreed to defer certain compensation in exchange for a commitment to pay interest on the deferred amounts.” The Broncos were fined and stripped of a draft-pick in December R01 for violating guidelines under the NFL’s deferred compensation fund. Broncos Owner Pat Bowlen in a statement said, “While I regret that the circumstances took place, it is important to note that there was no competitive advantage gained by our organization, nor was there any involvement or responsibility by anyone who is currently with the Broncos in any capacity.” An unidentified agent of a former Broncos player who was involved in the circumvention will pay $100,000 to a charity (DENVER POST, 9/17).
NAME CHANGE? In Denver, Aldo Svaldi reports employees of Denver-based Invesco Funds Group “received confirmation Thursday of a restructuring that will eliminate” its group. The move “opens up a window for a name change” at Invesco Field, but spokespersons with the Broncos and stadium owner Metropolitan Football Stadium District indicated that “no move has been made in that direction” (DENVER POST, 9/17).