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The Denver Broncos 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 son-in-law, Greg Penner.
“I enjoyed getting to know Rob Walton, Carrie Walton-Penner and Greg Penner through this process,” Ellis said Tuesday. “As we learn more about their journey and their vision for the Denver Broncos, I’m confident their leadership and support will help this team achieve great things on and off the field.”
“I sincerely appreciate the cooperation of our football leadership, leadership team and staff at UCHealth and Empower Field at Mile High over the past months and years. We also want to acknowledge the work of Allen & Company and Proskauer Rose, who guided us through this process quickly and efficiently,” he added.
Exact terms of the sale were not disclosed, but 9News Denver reported that Walton would pay $4.65 billion for the franchise. That’s more than double the most recent selling price of an NFL team, and it would set a new record for sales by an American sports franchise.
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Ellis clarified that the deal still needs to be approved, via NFL protocols, by a majority of the current owners.
“As this purchase and sale agreement awaits approval from the NFL Finance and League Ownership Committee, today marks an important milestone on the path to an exciting new chapter in history. Broncos,” he said.
The deal must now be approved by 24 of the current 32 owners.
Walton and Penner shared their own statement announcing their excitement and thanking Ellis and the Broncos.
“We are thrilled to have been selected to move forward with the purchase of the Denver Broncos! Carrie, Greg and I are inspired by the opportunity to lead this great organization in a vibrant community full of opportunity and passionate fans,” the family said.
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“Having lived and worked in Colorado, we have always admired the Broncos. Our excitement has only grown as we have learned more about the Broncos team, staff and country over the past few months.” , the statement added.
The Denver Broncos and the Walton-Penner family have entered into a buy-and-sell agreement to acquire the team.
— Denver Broncos (@Broncos) June 8, 2022
The statement said Mellody Hobson, co-CEO of Ariel Investments, has also agreed to join the ownership group.
“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 acumen and leadership perspective to our team,” the statement read.
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“Thank you to Joe Ellis and the Broncos staff for the first class manner in which they conducted this sale process. Additionally, we thank Hogan Lovells for their guidance and support in this effort,” he added. .
And: “We look forward to earning the trust and support of the NFL as we take the next step in this process. When the necessary approval procedures are completed, our family is excited to share more with Broncos fans, the organization and the community.”
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The team’s 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.