Denver Broncos have signed a sale agreement with the Walton-Penner family ownership group, the parties announced on Tuesday night.
The terms of the agreement, which will transfer the franchise from the Pat Bowlen Trust to the group led by Walmart successor Rob Walton, have not been announced. However, a source told ESPN, confirming numerous reports that the agreed price is 4.65 billion dollars, a record for the North American team.
The NFL Finance Committee and league owners will have to approve the sale. Twenty-four votes in favor of the owners are required for approval.
“Today marks a significant step towards an exciting new chapter in the history of the Broncos,” said Joe Ellis, president and CEO of the team.
“Learn more about [the Walton-Penner family’s] Background and vision for the Denver Broncos, I am confident that their leadership and support will help this team achieve great things on and off the field. “
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The property group includes Rob Walton’s daughter, Carrie Walton Penner, and her husband, Greg Penner.
Walton said in a statement: “We are excited to be selected to move forward with the purchase of Denver Broncos! Carrie, Greg and I are inspired by the opportunity to run this great organization in a vibrant community full of opportunities and passionate fans.
“After living and working in Colorado, we have always admired the Broncos. “Our enthusiasm only grew when we learned more about the Broncos team, staff and country in the last few months,” he added.
Walton said Melody Hobson, co-CEO of Ariel Investments and chairman of Starbucks, has agreed to join the owners group.
Hobson is black. NFL Commissioner Roger Goodell has made minority ownership a highlight in the league.
“Melody is currently chairman of the board of Starbucks Corporation and also director of JPMorgan Chase. We know she will bring her strategic flair and leadership perspective to our team, ”said Walton.
“We look forward to gaining the trust and support of the NFL as we take the next step in this process. Once the necessary approval procedures are completed, our family is excited to share more with Broncos fans, the organization and the community.”
The Pat Bowlen Trust has run the franchise for several years and launched the club last year after Bowlen’s children could not agree to a successor to their father.
Bowlan died in 2019, a month after his induction into the Professional Football Hall of Fame.
The Associated Press contributed to this report.
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