[JJJ]

My guess is that Elway felt that being a minority owner constrained his ability to sell his investment and cash out. Cashing in the "insurance" provision may put his relationship with the Bowlen family (or Pat Bowlen himself) at risk, which Elway didn't want to happen. Selling out to an investor they didn't want could be even worse. He would have to wait for the Bowlen family to sell out to avoid this issue, which was at an unknown time in the future. I can see the risk profile on that front not being acceptable.

Fair point. Thanks.

[JJJ]

My guess is that Elway felt that being a minority owner constrained his ability to sell his investment and cash out. Cashing in the "insurance" provision may put his relationship with the Bowlen family (or Pat Bowlen himself) at risk, which Elway didn't want to happen. Selling out to an investor they didn't want could be even worse. He would have to wait for the Bowlen family to sell out to avoid this issue, which was at an unknown time in the future. I can see the risk profile on that front not being acceptable.

Fair point. Thanks.