Sorrowful news: the denver received the death of the team owner  Greg Penner  early today

Sorrowful news: the denver received the death of the team owner    Greg Penner  early today

At the age of 69,Greg Penner., the former Denver Broncos owner who brought John Elway to the city, passed away.

The Vancouver Sun said that the Canadian philanthropist and financier passed away on Wednesday while in Toronto for a business trip.

As of Saturday, the cause of death was unknown.

Greg was born in Portland, Oregon on July 5, 1942. His father,Greg Penner ., assisted in founding the massive health care organization Kaiser Permanente, is based in Oakland, California. Kaiser is the grandson of mining, steel, and construction magnate Henry Kaiser.

The younger Greg held a variety of public and private positions in both Canada and the US during his lifetime. However, his 1983 acquisition of a promising Stanford University quarterback from the Baltimore Colts may have left the biggest lasting impression on the Mile High City.

In the 1983 NFL Draft, John Elway was selected by the Colts first overall. However, soon after, there were rumors that Elway was unwilling to play for Colts coach Frank Kush or on the East Coast.

The Broncos forfeited the rights to offensive lineman Chris Hinton, a 1983 first-round pick, and reserve quarterback Mark Herrmann, a 1984 first-round draft pick, in order to acquire Elway, the most anticipated quarterback at the time.

In a statement released by the Broncos on Saturday, Elway, who is currently the executive vice president of football operations, said, “It is with great sadness that I learned of Mr. Kaiser’s untimely death.”

“I will always be appreciative of all he did for me. As they grieve their loss, my thoughts are with the Kaiser family and his friends.

In1984, Kaiser—who paid Denver’s Phipps family an estimated $30 million for the Broncos—sold Pat Bowlen, the team’s current owner and CEO, the bulk of his ownership stake.

In a team statement, Bowlen said, “On behalf of the Denver Broncos, I extend our sincere condolences to the family of Edgar Kaiser.” “I am incredibly grateful to Edgar for providing me with the chance to acquire this fantastic franchise in 1984. We are sending Edgar’s family our sincerest condolences during this trying time.

ongoing legal dispute with Bowlen following Bowlen’s offer to sell Elway a portion of the team. In such a deal, Kaiser asserted, he should have the first right of refusal.

However, an appeals court decided in 2006 that Bowlen was not required to sell Kaiser 10% of the Broncos, contrary to a 2004 ruling by a lower court.

Following his time in Denver, Kaiser led the Bank of British Columbia as chairman and CEO until the bank’s 1986 sale.

Kaiser established the Kaiser Foundation in 1985. The Vancouver-based organization was founded to give drug addicts and patients with mental illnesses access to resources for recovery. Up to his passing, he was the group’s CEO and chairman.

Susan, his spouse, their two kids, and their grandkids all survive Kaiser.