Denver Broncos Sold For Record Amount To Group Led By Walmart Heir
SALT LAKE CITY – The Denver Broncos announced that the NFL franchise entered into a record-breaking purchase and sale agreement with a group led by Walmart heir Rob Walton.
The Broncos issued a press release to announce the agreement on Tuesday, June 7.
“The Denver Broncos and the Walton-Penner family have entered into a purchase and sale agreement, it was jointly announced on Tuesday,” the team said. “The purchase and sale agreement calls for the Walton-Penner family to acquire the Denver Broncos from the Pat Bowlen Trust. The agreement is subject to approval from the NFL’s finance committee and league ownership as well as the satisfaction of customary closing procedures.”
According to ESPN’s Adam Schefter, Walton’s winning bid for the team was $4.65 billion. Once the transaction is finalized, it will be the largest sale amount for a North American professional sports team in history.
The sale will be reviewed by the league’s finance committee and has to be approved by a vote of current NFL owners before it is completed. Schefter also reported that the transaction is expected to take 60 to 90 days to be approved and “no issues are expected.”
The Denver Broncos and the Walton-Penner family have entered into a purchase and sale agreement to acquire the team.
— Denver Broncos (@Broncos) June 8, 2022
“I have enjoyed getting to know Rob Walton, Carrie Walton Penner and Greg Penner throughout this process. Learning more about their background and vision for the Denver Broncos, I am confident that their leadership and support will help this team achieve great things on and off the field,” Broncos president and CEO Joe Ellis said in a statement. “While this purchase and sale agreement is pending approval from the NFL’s finance committee and league ownership, today marks a significant step on the path to an exciting new chapter in Broncos history.”
“We are thrilled to be selected to move forward with the purchase of the Denver Broncos!” Walton said in a statement. “Carrie, Greg and I are inspired by the opportunity to steward this great organization in a vibrant community full of opportunity and passionate fans.”
According to ESPN, the Walton-Penner group “was, according to multiple sources, one of four groups that had advanced to the second round of bidding this week. Those bids had been due to the trustees of the Pat Bowlen Trust by 5 p.m. ET Monday. Forbes has estimated Walton’s net worth at $59 billion.”
David Tepper bought the Carolina Panthers in 2018 for $2.3 billion.
Four years later, the Walton-Penner family is buying the Denver Broncos for more than double that figure, a whopping $4.65 billion.
— Adam Schefter (@AdamSchefter) June 8, 2022
Last season, Denver had a 7-10 record.
The Broncos open their 2022 schedule on the road against the Seattle Seahawks on Monday, September 12.
Kyle Ireland is a Locals in the NFL Insider for KSLSports.com and host of the Yards After College Podcast. Follow him on Twitter (@kyleireland) and Instagram (@kyleirelandksl).