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The Denver Broncos have agreed to sell the franchise to current Walmart heir Rob Walton and his family for a record price.
In a statement, Broncos CEO and President Joe Ellis confirmed the sale agreement with Walton, 77, his daughter, Carrie Walton-Penner, and his son-in-law, Greg Penner.
“I enjoyed meeting Rob Walton, Carrie Walton-Penner and Greg Penner throughout this process,” Ellis said Tuesday. “By learning more about his background and vision for the Denver Broncos, I’m sure his leadership and support will help. This team is accomplishing great things on and off the field.”
Denver Broncos outfielder Von Miller (58) faces Los Angeles Rams offensive lineman Tremayne Anchrum (72) during the first half of an NFL preseason football game Saturday, Aug. 28 from 2021 to Denver. (Photo by AP / Jack Dempsey)
“I sincerely appreciate the cooperation of our football management, executive team and staff at both UCHealth Training Center and Empower Field at Mile High over the past months and years. We would also like to acknowledge the work of Allen & Company and Proskauer Rose. , who have guided us through this process in a timely and efficient manner, “he added.
The exact terms of the sale were not disclosed, but 9News Denver reported that Walton will pay $ 4.65 billion for the franchise. That’s more than double the most recent selling price for an NFL team and would set a new record for selling an American sports franchise.
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Ellis clarified that the deal has yet to be approved, through NFL protocols, by most current homeowners.
“While this buy-and-sell agreement is pending approval by the NFL Finance Committee and league ownership, today marks an important step on the road to an exciting new chapter in Broncos history.” , he said.
The agreement must now be approved by 24 of the current 32 owners.
New Denver Broncos quarterback Russell Wilson, center, is flanked by head coach Nathaniel Hackett on the right and general manager George Paton after a press conference on Wednesday, March 16, 2022 at the team headquarters in Englewood, Colorado (AP Photo / David Zalubowski)
Walton and Penner shared their own statement announcing their excitement and thanking Ellis and the Broncos.
“We are thrilled to be selected to move forward with the purchase of the Denver Broncos! Carrie, Greg and I are inspired by the opportunity to manage this great organization in a vibrant community full of opportunities and passionate fans,” the family said.
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“Having lived and worked in Colorado, we have always admired the Broncos. Our enthusiasm has only grown as we have learned more about the team, staff and the Broncos Country over the past few months,” the statement added.
The Denver Broncos and the Walton-Penner family have signed a purchase and sale agreement to acquire the team.
Statements: pic.twitter.com/tMcfuAifeS
– Denver Broncos (@Broncos) June 8, 2022
The statement says Mellody Hobson, co-CEO of Ariel Investments, has also agreed to join the ownership group.
“Mellody currently serves as Chairman of the Board of Starbucks Corporation and is also a Director of JPMorgan Chase. We know she will bring her strategic insight and leadership perspective to our team,” the statement said.
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“Thanks to Joe Ellis and the Broncos staff for the first-class way they have conducted this sales process. We also thank Hogan Lovells for his guidance and support in this endeavor,” he added.
Peyton Manning speaks after being included in the Denver Broncos Ring of Honor before an NFL football game against the Washington football team on Sunday, October 31, 2021 in Denver. (Photo by AP / Jack Dempsey)
And, “We look forward to gaining the trust and support of the NFL as we take the next step in this process. Once the necessary approval procedures are completed, our family is excited to share more with the Broncos fans.” the organization and the community. “
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Team owners are expected to hold a meeting next month to consider the sale, 9News Denver reported.
According to the report, Rob Walton’s net worth is between $ 60 billion and $ 70 billion.