The Denver Broncos clinch a deal to sell; sources state the asking price is $4.65 billion.

ENGLEWOOD, Colorado. The Walton-Penner family ownership group and the Denver Broncos have reached a deal, both parties confirmed Tuesday night.

According to sources who spoke with ESPN, the deal is for $4.65 billion, corroborating several rumors. For a sports team in North America, that would be a record price.

Rob Walton, the heir apparent to Walmart, along with his daughter Carrie Walton Penner and her husband Greg Penner, will lead the Walton-Penner group. Mellody Hobson, co-CEO of Ariel Investments, chair of the Starbucks Corp. board, and director at JP Morgan Chase, will also be part of the group.

Broncos CEO Joe Ellis released a statement saying, “Today represents a crucial step on the route to an exciting new chapter in Broncos history.”

The selling agreement has to be authorized by a unanimous vote of NFL owners after being examined by the league’s finance committee. To ratify the sale, twenty-four votes in favor are required.

The sale must be authorized, and the deal must close within 60 to 90 days; no problems are anticipated, a source told ESPN’s Adam Schefter.

“We are overjoyed to have been chosen to proceed with the Denver Broncos acquisition!” Walton stated this in a release. “Carrie, Greg, and I are motivated by the chance to lead this fantastic organization in a thriving neighborhood with lots of opportunities and ardent supporters. We have always loved the Broncos since we have lived and worked in Colorado. Over the past six months, as we’ve learned more about the club, the personnel, and Broncos Country, our excitement has only increased.”

Several reports said that the Walton-Penner consortium was one of four that had moved on to the second round of bidding this week. The Pat Bowlen Trust trustees had been given until Monday at 5 p.m. ET to receive such proposals. Walton’s net worth is believed to be $59 billion, per Forbes.

With three Super Bowl victories under Pat Bowlen’s ownership, the Broncos have been among the NFL’s most successful teams in the Super Bowl era. They now have some of the wealthiest ownership groups.

When David Tepper bought the Carolina Panthers for $2.3 billion in 2018, the team broke the record for the most amount paid to an NFL franchise. The highest amount ever spent for a sports team in North America was $2.475 billion, which Steven Cohen paid to acquire the New York Mets in 2020.

A company led by Todd Boehly—who has stakes in the Los Angeles Lakers and Los Angeles Dodgers among his extensive holdings—just paid over $5 billion to acquire Chelsea in the English Premier League.

In 1984, Bowlen and his siblings spent an initial $78 million to acquire a controlling stake in the Broncos. Later on, Bowlen bought the shares that his two brothers and sister had been holding. During his tenure, the club has made seven Super Bowl appearances, more than losing seasons.

Since the team was officially listed for sale on February 1st, Penner is anticipated to play a significant role in day-to-day team operations. Ellis has also stressed the significance of the new owner being “visible” in the community and comprehending the Broncos’ significance in Denver, Colorado, and the surrounding area.

The agreement brings an end to an eight-year ordeal that began in July 2014 when Bowlen, who had owned the team for thirty years, stepped away from day-to-day operations owing to the development of Alzheimer’s disease. Bowlen passed away in 2019.

When Bowlen stepped away from the team’s daily operations, his estimated 78% stake was placed in a trust managed by Ellis, Denver lawyer Mary Kelly, and Broncos attorney Rich Slivka. Bowlen never publicly named a successor among his children.

Following were family litigation, foul language, and court dates that fell in line with the team’s current six-year run of missed playoff opportunities. The Broncos’ final postseason game was their victory in Super Bowl 50 to end the 2015 campaign.

All of the potential bidders had visited the team’s home stadium and other facilities in recent weeks after meeting with the trustees and team representatives.

After speaking with every prospective bidder, Broncos coach Nathaniel Hackett stated on Monday that he had met “a decent quantity” of them and that “they all have tremendous enthusiasm and want to be a part of this league, and they want to be a part of a team.” That is something that is very lovely, in my opinion. They come here to win, and they hope to do big things. Whoever it is, I believe we will be quite appreciative.

Five of the six main professional sports teams in Colorado will be owned by Walton and Stan Kroenke, Walton’s cousin by marriage, according to the terms of the selling agreement with the Walton-Penner partnership. Along with owning a regional media firm in the state, Kroenke is the owner of the lacrosse teams Colorado Rapids, Colorado Avalanche, Denver Nuggets, and Colorado Mammoth.