DENVER (CBS4) – The Denver Broncos announced they purchased part of John Bowlen’s share of the team on Wednesday.

Bowlen is a minority owner of the team.

The agreement still needs to be approved by the NFL – which is expected in the next few days.

“This transaction further consolidates Pat Bowlen’s majority, controlling ownership interest in the Broncos while keeping 100 percent of the team in the Bowlen family. The acquisition of this share is independent of Mr. Bowlen’s succession plan that is being administered by the Pat Bowlen Trust,” team officials said.

Last October, the team set the record straight after multiple reports floated around stating the team was for sale.

The team said at the time of the reports, “This afternoon, John (Bowlen) informed multiple members of the organization that the opinions attributed to him by an anonymous source in a media report did not come from him and do not represent his views,” nor those of his brother, majority owner Pat Bowlen.

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