DENVER (Reuters) - Hall of Fame quarterback John Elway assumed control of the Denver Broncos' football operations Wednesday in a bid to revitalize the struggling franchise.

"John has won championships as both a player and executive, and his experience will be a valuable addition to this franchise. He is the perfect fit for this role," Broncos owner Pat Bowlen said in a statement.

The Broncos are looking for a replacement for coach Josh McDaniels who was fired in December after the team finished 4-12 and in last place in the AFC West.

Elway, 50, led the Broncos to two Super Bowl championships and made nine Pro Bowls during his 16 seasons with the team. He is the club's new executive vice president of football operations.

He spent 2010 as a marketing consultant for the team after eight seasons as a co-owner and chief executive of the Arena Football League's Colorado Crush.

(Reporting by Gene Cherry, editing by Steve Ginsburg)