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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-breaking price.
In a statement, Broncos CEO and President Joe Ellis confirmed the sales agreement with Walton, 77, his daughter Carrie Walton-Penner and son-in-law Greg Penner.
“I’ve enjoyed getting to know Rob Walton, Carrie Walton-Penner and Greg Penner during this process,” Ellis said Tuesday. “I’m confident that as I learn more about her background and vision for the Denver Broncos, her leadership and support will help. This team is doing great things on and off the field.”
“I sincerely appreciate the collaboration of our football leadership, leadership team and staff at both the UCHealth Training Center and Empower Field at Mile High over the past few months and years. We would also like to acknowledge the work of Allen & Company and Proskauer Rose, who guided us through this process in a timely and efficient manner,” he added.
The exact terms of the sale weren’t disclosed, but 9News Denver reported that Walton will pay $4.65 billion for the franchise. That’s more than double the recent retail price for 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 agreement still has to be approved by a majority of current owners over NFL minutes.
“Although this purchase and sale agreement is subject to approval by the NFL Finance Committee and the league’s ownership structure, today marks a significant step toward an exciting new chapter in Broncos history,” he said.
The deal now has to be approved by 24 out of 32 current 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 advance the Denver Broncos purchase! Carrie, Greg and I are inspired by the opportunity to lead this amazing organization in a vibrant community of opportunity and passionate fans,” the family said.
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“Having lived and worked in Colorado, we’ve always admired the Broncos. Our excitement has only grown as we have learned more about the team, the staff and Broncos 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 CEO 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 said.
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“Thank you to Joe Ellis and the Broncos staff for the excellent manner in which they conducted this sales process. Additionally, we thank Hogan Lovells for her guidance and support in this effort,” it 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 processes are met, our family looks forward to sharing more with Broncos fans, the organization, and the community. “
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The team owners are expected to hold a meeting next month to review the sale, 9News Denver reported.
According to the report, Rob Walton’s net worth ranges from $60 billion to $70 billion.