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An ownership group headed by a Walmart heir reached an agreement to purchase the Denver Broncos for $4.65 billion, a record-setting sale for an NFL franchise.
The sale to Rob Walton marks the most expensive purchase of an NFL franchise in the league’s history and is higher than the team’s overall worth. The Broncos are worth about $3.75 billion, according to a Forbes analysis, which is the 10th highest in the league.
“We look forward to earning the confidence and support of the NFL as we take the next step in this process,” Walton said in a statement released by the Broncos. “When the necessary approval procedures are met, our family is excited to share more with Broncos fans, the organization and the community.”
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The team announced the purchase on Tuesday night, with the sale still subject to approval by the NFL’s finance committee and other finance owners. At least 24 of the 32 NFL teams must approve the sale before the deal is ratified.
“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,” Joe Ellis, the team’s president and chief executive officer, said in a statement.
Walton, 77, is set to become the NFL’s wealthiest owner in the league, with a real-time estimated net worth of $57.9 billion as of Wednesday, according to Forbes. That makes the Walmart heir the world’s 22nd wealthiest person.
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The new ownership group heading the sale includes Walton’s daughter, Carrie Walton Penner, and son-in-law, Greg Penner.
“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.”
