What was Pat Bowlen's Net Worth?
Pat Bowlen was an influential American attorney, most well-known for his majority ownership and executive role in the Denver Broncos, an NFL team. By the time of his passing in 2019, Bowlen's net worth was estimated to be around $1 billion, primarily due to his ownership of the Broncos. The franchise saw a significant increase in value posthumously, being sold in June 2022 for a staggering $4.5 billion. Each of Bowlen's seven children received $643 million for their shares.
Early Life and Career
Born in 1944 in Prairie du Chein, Wisconsin, Pat Bowlen hailed from a family deeply entrenched in the oil industry. His father, Paul Bowlen, was a successful entrepreneur in the Canadian oil sector. Bowlen earned his BA and JD from the University of Oklahoma. Although he was not solely dependent on his family's wealth, Pat carved out his success through a thriving law practice in Edmonton, Alberta, Canada. Additionally, he worked as an executive for his father's company, Regent Drilling, and pursued his interests in real estate development.
Buying the Broncos
In 1984, when financial instability threatened the Denver Broncos under Edgar Kaiser's ownership, Bowlen, along with his siblings John, Bill, and Marybeth, purchased a majority stake for $78 million. By the next year, they had acquired the entire franchise.
In a notable 1983 draft event, the Broncos landed their legendary quarterback, John Elway, after he declined to play for the initially drafting team, the Baltimore Colts, and was consequently traded to Denver. Under Elway’s leadership, the Broncos clinched five AFC championships (1986, 1987, 1989, 1997, 1998) and two Super Bowl victories (1998, 1999), rejuvenating the franchise and contributing significantly to its financial turnaround.
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John Elway Ownership Offer
In 1998, as John Elway approached the twilight of his illustrious career, Bowlen presented him with a remarkable offer:
- Sell 10% of the Broncos to Elway for $15 million.
- In exchange for Elway relinquishing his deferred salary of $21 million, he would receive an additional 10% equity in the team.
This deal meant Elway could own 20% of the Broncos for $15 million in cash plus $21 million in deferred earnings. Elway declined the offer and chose upfront payment. Unfortunately, some of his investment decisions afterward led to substantial losses. Had he accepted Bowlen's offer, his 20% stake could have been valued at $540 million by 2019.
Death and Pat Bowlen Trust
Upon Bowlen’s death in June 2019, the Denver Broncos' ownership transferred to the Pat Bowlen Trust. The seven beneficiaries, Bowlen's children, struggled to make unified decisions about the team. Consequently, in June 2022, the Bowlen Trust decided to sell the Broncos to Walmart heir Rob Walton for an unprecedented $4.5 billion. This sale was the highest price ever paid for a sports team at the time, and each heir received approximately $643 million pre-tax.
