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purchasing the Broncos, in late 1983, Kaiser approached Bowlen
about acquiring an interest in the partnership.
In 1984, Kaiser disposed of his entire interest in Bowlen I,
including his interest held through Kaiser I (the corporate
entity), in two separate transactions. First, during March 1984,
Kaiser sold about 39 percent of the Bowlen I partnership to John
R. Adams, through Adams' Colorado limited partnership, J.R.A.
Sports, Ltd. (Adams), for $10 million. Second, during March
1984, Kaiser entered into an agreement with Bowlen for the sale
of about 61 percent of the Bowlen I partnership. Bowlen's
purchase of Kaiser's Bowlen I partnership interest occurred on
June 1, 1984. Bowlen purchased about 59 percent of Kaiser's
partnership interest for $25,793,100 plus assumption of
$34,689,717 in Kaiser’s partnership liabilities. At the same
time, Bowlen also purchased the .25-percent partnership interest
held by Kaiser I for $106,900. Subsequently, Bowlen transferred
his aggregated partnership interest (about 61 percent) in Bowlen
I to his corporation, Texas Northern Productions, Inc., also
known as Bowlen Sports, Inc., (Bowlen II).
On June 1, 1984, Bowlen I was owned as follows:
Partner Percentage Ownership Type of Interest
Bowlen II 60.8 General partner
Adams 39.2 Limited partner
Bowlen II's and Adams' aggregate basis in their partnership
interests in Bowlen I was approximately $72,242,770. At the time
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Last modified: May 25, 2011