American football player John Elway is currently retired. He now serves as the Denver Broncos general manager and president of football operations. Before retiring in 1999, Elway had a very successful career as a quarterback and established a number of records.
On June 28, 1960, John Elway and his twin sister were born in Port Angeles, Washington. John grew up with his twin and an older sister and was exposed to his father’s success as a football coach at a young age. As Jack, John’s father worked as a football coach for Washington State and the University of Montana, the family moved around the country.
As a standout high school quarterback, John Elway established himself as a “dual-threat” who was equally adept at passing and running. Elway honed his baseball skills while he was a high school student. By the time he was prepared to graduate, he had received offers of football scholarships from numerous institutions.
He subsequently enrolled at Stanford University, where he rose to quarterback stardom. He accumulated an exceptional record that caught the attention of the NFL, despite the fact that his final game for Stanford was marred by a contentious play that led to the team’s defeat. In addition, he kept up his prodigious play on the baseball diamond and earned a bachelor’s degree in economics.
In the 1983 NFL Draft, the Baltimore Colts selected John Elway, who subsequently persuaded them to trade him right away. If he wasn’t traded, he even threatened to sign with the New York Yankees (Elway still had the chance to play professionally in baseball). He was eventually moved to the Denver Broncos, fulfilling his wish.
Elway had battled to establish himself as the Broncos’ starting quarterback early in his career. However, Elway took over and guided them to a Super Bowl game in 1986 when Steve DeBerg sustained a shoulder injury. The Broncos made a comeback to the Superbowl in 1987 but lost again.
In 1989, they went back to the Superbowl but lost this time, which was somewhat discouraging. Elway was still extremely young in his career at this point, and some people didn’t think he would ever win the Super Bowl.
Over the following few years, he did, however, progressively develop vital expertise and confidence. He ultimately achieved his aim of winning the Superbowl in 1997 by leading his club back there. Elway’s performance once more fell short of expectations, but it didn’t matter. Broncos had triumphed.
When he won the Super Bowl once more the following year, Elway put on one of the best performances of his whole career. In his final game, he was given the MVP award. Also, read about Method Man
John Elway founded five auto businesses under the John Elway Autos banner. The dealerships, which are in Denver, were sold to AutoNation in 1997 for $82.5 million. Elway’s name could also be used by AutoNation as a marketing tool up until 2006. Elway was able to return to the auto dealership business in his own name after the contract expired in 2006 when it came to an end.
In the years that followed, John opened a Cadillac franchise under the Sonic Automotive brand, along with two Toyota Scion dealerships in California, a Chevrolet dealership in Colorado, a Chrysler Jeep store in Colorado, and a dealership for Chevrolet in Colorado. Check about Christine Chiu
Potential Ownership Of Broncos
John Elway previously had the chance to buy a stake in the Denver Broncos team that would have eventually been very profitable. Pat Bowlen, the owner of the Denver Broncos, proposed to sell John Elway a 10% ownership in the organization for $15 million in the late 1990s as his career was coming to an end.
Elway would have had the option to acquire an additional 10% of the deal if he chose to forego the $21 million in compensation he was due at the time. Additionally, he would have worked as Bowlen’s special assistant and the Broncos’ COO (which would of course come with a salary of its own).
John would own 20% of the Broncos if he contributed $15 million of his own money and forfeited $21 million in future revenues. That amounts to almost $36 million to control 20% of an NFL team. Pat Bowlen valued the Broncos at $180 million based on those figures.
Elway was able to sell back his stake under the terms of the agreement with a $5 million markup and 8% interest compounded annually since the original purchase. Finally, if the Bowlen family ever decided to sell the entire franchise, Elway would have the first choice. Elway decided not to pursue the agreement.
This proved to be an extremely poor choice. Pat Bowlen’s heirs agreed to sell the Broncos to Rob Walton, an heir to Walmart, for $4.5 billion on June 6, 2022. Elway would have collected $900 million upon the team’s sale if he had managed to obtain the 20% interest.
Similar Poor Investments
Over the years, John Elway has made a number of poor financial decisions. One of the most prominent was choosing to invest $15 million in a Ponzi scam (the same amount he might have used to purchase a 10% interest in the Denver Broncos). Before he could get $6 million back to safety, he ended up losing $7 million.
He made large investments in Laundromax, a fledgling business, in 1998. He also invested $500,000 in QuePasa, a Latino media company, purchasing more than 130,000 shares. By the year 2000, Elway had suffered a significant loss as share prices had dropped from $27 to $1.
Elway put millions of dollars into the MVP.com website in 1999, but it rapidly went out of business. Additionally, he shared ownership of the football team Colorado Crush, which failed after the Arena Football League was abolished.
John Elway Net Worth
John Elway Net Worth is estimated to be around $145 Million. John made a total of $47 million in compensation alone during the course of his NFL career. He earned tens of millions of additional cash from endorsements during his playing days. Outside of professional sports he has gained and squandered large fortunes in outside business investments.
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