ILLEGAL BLOCK? BRONCOS' BOWLEN SUED BY FORMER OWNER KAISER
Former Broncos Owner Edgar Kaiser filed suit last week
against current team Owner Pat Bowlen, "accusing him of
illegally blocking Kaiser's attempts to repurchase" the
team, according to Karen Abbott of the ROCKY MOUNTAIN NEWS.
The suit claims that Bowlen "transferred his ownership
interest in the Broncos numerous times without notifying
Kaiser or giving him a chance to buy back all or part of the
team." Kaiser said that his deal to sell the team to Bowlen
in '84 "gave him the right of first refusal." Bowlen said
that he would "vigorously fight" the allegations and called
the suit "baseless and frivolous." The suit "seeks an order
undoing all the alleged transfers made by Bowlen so Kaiser
can have the opportunity to match the prices and regain an
ownership stake" (ROCKY MOUNTAIN NEWS, 12/28).
STADIUM SECURE? In Denver, Abbott & Accola wrote that
the suit "won't hurt the [Broncos'] ability to pay [their]
share" of a new football stadium. The team, which has
secured loans totaling around $150M, had contacted its chief
lender N.Y.-based Sumimoto Bank about the suit and Broncos
VP/Business Operations Joe Ellis said that the lenders feel
"comfortable with the loan" (ROCKY MOUNTAIN NEWS, 12/29).