February 1, 2023

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Denver Broncos Reach Sale Agreement; The source says that its price is 4.65 billion dollars

Denver Broncos Reach Sale Agreement;  The source says that its price is 4.65 billion dollars

The Denver Broncos have entered into a sale agreement with the Walton Benner family property group, the two sides announced Tuesday night.

The terms of the agreement, which will transfer the franchise from the Pat Bowlen Trust to the group led by Walmart heir Rob Walton, have not been announced. However, a source told ESPN, confirming multiple reports, that the agreed price is $4.65 billion, a record for a North American team.

The NFL Finance Committee and the league’s owners will need to approve the sale. Twenty-four yes votes from owners are required to approve it.

“Today marks an important step on the road to an exciting new chapter in Bronco history,” Team President and CEO Joe Ellis said in a statement.

Learn more about [the Walton-Penner family’s] Background and vision of the Denver Broncos, I am confident that their leadership and support will help this team achieve great things on and off the field.”

The property group includes Rob Walton’s daughter, Carrie Walton Benner, and her husband, Greg Benner.

“We are thrilled to have been chosen to move forward with the purchase of the Denver Broncos! Carrie, Greg and I were inspired by the opportunity to lead this wonderful organization in a vibrant community full of opportunity and passionate fans,” Walton said in a statement.

“Having lived and worked in Colorado, we have always admired the Broncos,” he added. “Our enthusiasm only increased when we learned more about the team, the staff, and the Broncos Country over the past few months.”

Walton said Melody Hobson, co-CEO of Ariel Investments and president of Starbucks, has agreed to join the ownership group.

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Black Hobson. NFL Commissioner Roger Goodell has made minority ownership a focus of the league.

“Melody currently serves as Chair of the Starbucks Board of Directors and is also the Director of JPMorgan Chase,” Walton said. “We know she will bring her strategic idea and leadership perspective to our team.”

“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 met, our family is excited to share more with Broncos fans, the organization and the community.”

The Pat Bowlen Trust ran the franchise for several years and last year put the club up for sale after the Bowlen children were unable to agree on a successor for their father.

Bowlen passed away in 2019, a month before he was inducted into the Pro Football Hall of Fame.

The Associated Press contributed to this report.