The Denver Broncos have officially announced the trade of quarterback Tim Tebow to the New York Jets.
Agreed to earlier in the day, the trade -- which also involved a Broncos seventh round draft choice going to the Jets for a fourth and sixth round pick -- was held up due to language in Tebow's contract pertaining to the repayment of the 2012-14 portions of a 2011 salary advance.
According to ESPN's Adam Schefter, instead of repaying the Broncos the full amount, the Jets will repay half of the $5,063,750 million total.
"Our goal was to do the best thing for Tim and the Broncos, and I believe the opportunity that presented itself with the New York Jets accomplishes that objective," Broncos Executive Vice President of Football Operations John Elway said in a statement. "Tim made a lot of strides last year and has a very promising career ahead of him. If anyone is willing to put the work in to be great, it’s Tim Tebow.
"I have a great deal of respect for Tim and the positive impact he makes both on the field and in the community. He has a bright future in this league, and I’m hopeful he will enjoy continued success with the Jets."
The Jacksonville Jaguars, Tebow's hometown team, was also interested in acquiring Tebow.