The Denver Broncos have signed a sale agreement with the Walton-Penner family-owned group, the parties announced Tuesday night.
The terms of the deal, which will transfer the Pat Bowlen Trust franchise to the group led by Walmart’s heir, Rob Walton, have not been announced. However, a source told ESPN, confirming several reports, that the agreed price is $ 4.65 billion, a record for a US team.
The NFL Finance Committee and league owners will have to approve the sale. Twenty-four favorable votes of the owners are required for approval.
“Today marks an important step on the path to an exciting new chapter in the history of the Broncos,” team president and CEO Joe Ellis said in a statement.
“Learn more about [the Walton-Penner family’s] Denver Broncos’ background and vision, I’m sure his leadership and support will help this team achieve great things on and off the field. “
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The property group includes Rob Walton’s daughter, Carrie Walton Penner, and her husband, Greg Penner.
Walton said in a statement: “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.
“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, the staff and the Broncos Country over the past few months,” he added.
Walton said Mellody Hobson, co-CEO of Ariel Investments and president of Starbucks, has agreed to join the ownership group.
Hobson is black. NFL Commissioner Roger Goodell has made minority ownership a highlight in the league.
“Mellody currently serves as chair 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,” Walton said.
“We look forward to gaining the confidence 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. organization and community “.
The Pat Bowlen Trust has run the franchise for several years and last year put the club up for sale after Bowlen’s children could not agree on a successor to their father.
Bowlen died in 2019, a month before joining the Professional Football Hall of Fame.
The Associated Press contributed to this report.