Despite Past Business Failures, Elway Moves Ahead With Crush
Former Broncos QB JOHN ELWAY has been" dropped for a loss more than once" in his business endeavors, according to Louis Aguilar of the DENVER POST, who noted Elway's tie to AutoNation has recently "lost tens of millions in value." In addition, Elway was a partner in the now-defunct MVP.com, and also "lent his name to a chain of upscale Laundromats that washed up." And Elway invested in QuePasa.com, a Latino Web site that "went bankrupt, but not before selling his stock for nearly" $2M. Despite his struggles in the business world, Elway's image "remains untarnished." Elway, on his business ventures: "I don't want to be just the guy in the commercials. That's not enough to get me excited. I have been trying to learn as much as I can. I have been surrounding myself with very smart business people." Aguilar wrote that Elway's "current quest is to strike a balance between selling his lucrative image and satisfying his desire to be a captain of industry, maybe even of the professional sports industry." NBC's Bob Costas said Crush part-Owner, President & CEO Elway "represents the first generation of superstar athletes who made enough money in their career to make the transition to sports owner." Meanwhile, Elway's Denver-based attorney, MICHAEL STERNICK, said that Elway "has four separate limited liability companies in Colorado that serve as investment vehicles." Elway also has a separate CO-based corporation handling his endorsement deals, which include long-term deals with Coors, EAS, Maxfli Golf and CBS SportsLine. Elway has another corporation in Las Vegas that lists former NFLers WARREN MOON and STEVE YOUNG as major partners (DENVER POST, 7/14).
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