Quote:
Originally Posted by BossChief
He instead agreed to the “delayed payment with interest” plan to circumvent the cap with a couple other players, including Terrell Davis.
http://www.washingtonpost.com/wp-dyn...?noredirect=on
Interesting that Pat Bowlen tried to offer Elway part oenership instead of the “deferred salary with interest” program and Elway turned it down. |
They left out this part...
But Elway still could have purchased the original 10 percent offered for $15 million. And it's not only that he passed on the deal, it's where he put his money instead.
Elway and his partner in his car business, Mitch Pierce, took that exact amount -- $15 million -- and invested in a company run by a man named Sean Mueller. That company turned out to be a $150 million Ponzi scheme and Elway and his partner were among the largest single investors. Elway and Pierce withdrew $6 million from their investment, but still ended up losing more than $7 million in the scheme when it was all said and done.
Elway squandered other money in more bad investments. Instances include: In January 1998, Elway, with his coach Mike Shanahan, invested in a laundromat franchise called Laundromax. The company said it hoped to do for laundry centers what Blockbuster did for video rentals. Like Blockbuster, it failed to live up to the future.
In 1998, Elway invested in a Hispanic media company called Quepasa. He bought 133,333 shares for $500,000. By June 2000, after the stock had fallen from $27 to $1, he sold 33,000 shares at a $62,000 loss, according to SEC filings.
In August 1999, Elway invested a "seven-figure amount" in MVP.com, an online sports e-commerce site, and became its co-chairman. A little more than a year later, it went bust.
So did his investment with Bowlen and Stan Kroenke in an Arena League team. In 2009, six years after founding the Colorado Crush, the entire league folded.