Denver Broncos Sold To Walmart Heir Rob Walton For $4.65 Billion

It took a number of years and $4.65 billion, but the Denver Broncos have finally been sold. The new ownership group is led by Walmart’s heir Rob Walton, his daughter Carrie Walton Penner, her husband Greg Penner, and Mellody Hobson, co-CEO of Ariel Investments, Chair of Starbucks Corporation, and a director at J.P. Morgan.

The price tag is a record price paid for any North American sports franchise. The sale is currently under review by the NFL’s finance committee and needs to be approved by a full vote of NFL owners. Twenty-four of the thirty-two owners are required to vote yes for the sale to be approved.

“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.” Walton said in a statement.

The Walton-Penner group was one of four groups that advanced to the second round of bidding for the team. The Broncos, previously held under the late Pat Bowlen’s trust are one of the most successful franchises in the modern era. The three-time Super Bowl Champions now have an owner who has a lot of money to spend for the franchise. Walton is the son of Walmart founder Sam Walton and is worth around $59 billion according to Forbes.

Before this purchase, the highest price tag for an NFL team was the $2.3 billion purchase of the Carolina Panthers in 2018. The previous record for a North American franchise was Steven Cohen‘s $2.475 billion purchase of the New York Mets in 2020. Bowlen himself only paid $78 million for the Broncos in 1984.

It is expected that the new owners will have a large role in the team’s day-to-day operations. “Today marks a significant step on the path to an exciting new chapter in Broncos history,” Broncos CEO Joe Ellis said in a statement.

Article by Noah Odige