According to ESPN.com, under the proposal filed in federal court, Bowlen would have the right to buy that stake back from Edgar Kaiser for $20 million, plus 8 per cent annual interest, in two years.
Bowlen's proposal was filed as part of an ongoing legal battle over the team's ownership.
In June, US District Judge Richard P. Matsch said he was inclined to let Kaiser buy back a stake in the team and he gave lawyers for both sides 45 days to submit their plans.
Kaiser's proposal would also allow him to buy 10 per cent of the team for $15 million but the buy-back provision would be canceled. But Kaiser said that if the buy-back is allowed, Bowlen should pay 10 per cent of the team's market value plus $5 million along with 8 per cent annual interest to get the 10 per cent stake back. If the buy-back is not exercised within two to five years, Kaiser proposes that he should be able to buy another 10 per cent stake in the team.
Any ownership deal would have to be approved by the National Football League.
Kaiser sued Bowlen in 1999, alleging he violated a provision of the sale agreement that gave Kaiser the right of first refusal to buy a stake in the team when he made the offer to Elway. The suit also accused Bowlen of distributing Broncos ownership interests to family members in violation of the contract.
Bowlen bought a 60.8 per cent stake in the Broncos from Kaiser for $65 million in 1984. His family bought the rest of the team from minority shareholders the following year.
In February, a jury found that Bowlen violated the right of first refusal but rejected the claim that Bowlen was required to be the sole owner.
Bowlen's lawyer has said Matsch's eventual ruling on the proposals is likely to be appealed, holding up the case for at least another 18 months.
