The Denver Broncos and the Walton-Penner family on Tuesday jointly announced a purchase and sale agreement, a blockbuster franchise acquisition that rewrites both NFL and North American sports history.
The club's new ownership group is comprised of Walmart heir Rob Walton, his daughter Carrie Walton Penner, and son-in-law Greg Penner as the Broncos — previously controlled by the Pat Bowlen Trust — reportedly will sell for a U.S.-record $4.65 billion, more than double what David Tepper paid for the Carolina Panthers ($2.275 billion) in 2018.
In their joint statement, the parties noted the agreement is contingent on "the satisfaction of customary closing procedures." The transaction is subject to the league's finance committee and requires approval from other team owners.
"We are thrilled to be selected to move forward with the purchase of the Denver Broncos!" Rob Walton said in his statement. "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.
"We look forward to earning the confidence 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."
Broncos president/CEO Joe Ellis, who managed the aforementioned trust since 2014, released a personal statement on Bowlen's successors, which also include Mellody Hobson, co-CEO of Ariel Investments, Chair of the Board of Starbucks Corporation, and director of JPMorgan Chase.
"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.
"I sincerely appreciate the cooperation of our football leadership, executive team and staffs at both UCHealth Training Center and Empower Field at Mile High over the last few months and years. We also want to recognize the work of Allen & Company and Proskauer Rose, which have guided us through this process in a timely and efficient manner.
"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."
With a net worth approaching $59 billion, Walton will become the NFL's richest owner by an extremely wide margin, dwarfing Tepper's $16.7 billion valuation.
Because of his extraordinary wealth, as well as the trust's fiduciary responsibility to sell for the highest cost, the 77-year-old staved off three additional groups that submitted their final Broncos bids late Monday afternoon: Behdad Eghbali and Jose Feliciano, Josh Harris, and Justin and Mat Ishbia.
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