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#pounditSaturday, November 26, 2022

Broncos sell for record $4.65 billion price

John Elway looks ahead

Aug 24, 2018; Landover, MD, USA; Denver Broncos executive vice president and general manager John Elway stands on the field during warm ups prior to the Broncos’ game against the Washington Redskins at FedEx Field. Mandatory Credit: Geoff Burke-USA TODAY Sports

The Denver Broncos are no longer for sale.

The team announced on Twitter Tuesday that it has entered into a sale agreement with the Walton-Penner family ownership group.

Although an official price has yet to be revealed, Mike Klis of 9News reported Tuesday that the deal is for a U.S. sports-franchise record $4.65 billion. The Walton-Penner group’s purchase dwarfs the previous record $2.4 billion Steve Cohen paid for the New York Mets in 2020.

Walmart heir Rob Walton issued a statement on behalf of the Walton-Penner group, as did Broncos President and CEO Joe Ellis on behalf of the team.

“We are thrilled to be selected to move forward with the purchase of the Denver Broncos!” Walton said. “Thank you to Joe Ellis and the staff of the Broncos for the first-class manner in which they have conducted this sales process. When the necessary approval procedures are met, our family is excited to share more with Broncos fans, the organization and the community.”

“I have enjoyed getting to know Rob Walton, Carrie Walton Penner and Greg Penner throughout this process,” Ellis said. “Learning more about their 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.

“While this purchase and sale agreement is pending approval from the NFL’s finance committee and league ownership, today marks a significant step on the path to an exciting new chapter in Broncos history.”

Walton, as well as family and minority partners, had been reported as a favorite to purchase the team in early May. Walton is the heir to the Walmart fortune and said to have an estimated net worth around $70 billion.

With this purchase, the Walton family owns four of Colorado’s professional sports teams. Along with the Broncos, the family owns the Colorado Avalanche, Denver Nuggets and Colorado Rapids through Stan and Ann Walton Kroenke. Ann Walton Kroenke is Rob Walton’s cousin.

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