The Denver Broncos are about to be under new ownership.
The NFL’s Denver Broncos are expected to be sold to Rob Walton for $4.5 billion, Walmart heir, and son of co-founder Sam Walton.
But several sources confirmed the sale would be for $4.65 billion, which would be the largest sale of a professional sports team in American history by far. The previous record was in 2020 when Steve Cohen bought the Mets for $2.4 billion.
The sale is subject to a vote among the rest of the NFL owners, but the deal is expected to go off without a hitch. The Broncos were valued at $3.75 billion in August, Forbes noted.
Both Walton and Broncos CEO Joe Ellis released statements after the sale was agreed upon, Walton’s statement read:
“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 steward this great organization in a vibrant community full of opportunity and passionate fans. Having lived and worked in Colorado, we’ve always admired the Broncos. Our enthusiasm has only grown as we’ve learned more about the team, staff and Broncos Country over the last few months.”
Rob Walton has a net worth of $59.1 billion, making him the 19th richest man in the world. The Broncos were one of the charter members of the AFL in 1960 before being absorbed into the NFL in 1970.
Denver Post reported that four ownership groups were expected to make second-round bids to buy the team by 3 P.M. MDT Monday afternoon.
Those groups includes, Walton’s group; a group headed by Josh Harris, a venture capitalist who owns the New Jersey Devils and co-owns the Philadelphia 76ers, and is a general partner of the English soccer team Crystal Palace FC; a group led by Mat Ishbia, a former Michigan State basketball star who is president and CEO of a mortgage lending firm called United Wholesale Mortgage; and a group headed by Jose E. Feliciano and Behdad Eghbali, co-owners of the VC firm Clearlake Capital.
According to Forbes, the sale could be finalized and announced later this month. There was interest from a bevy of candidates from different backgrounds, but Walton has risen above the rest to secure the Broncos.
Good times are on the horizon for the Broncos, as the team is built for success as early as this upcoming season. Rob Walton is getting the team at the perfect time, but it’ll cost him a pretty penny.
Sources: DailyWire, Forbes, Denver Post
