The Waltons, heirs to the Walmart fortune and America’s richest family, won the bid to buy the Denver Broncos in the most expensive deal for a sports franchise anywhere in the world.
The Broncos announced Tuesday night that they had reached a sale agreement with the Walton-Penner ownership group led by Rob Walton, his daughter, Carrie Walton Penner, and her husband, Greg Penner.
Terms of the sale were not disclosed, but KUSA-TV in Denver reported it was for $4.65 billion.
The price far exceeds the $3.1 billion sale last month of Chelsea, one of the top teams in European soccer, to an American-led consortium headed by Los Angeles Dodgers co-owner Todd Boehly.
Boehly was reportedly among the investors with one of the five finalists who were invited to bid for the Broncos before Monday’s deadline.
The agreement for the Walmart-Penner group to buy the franchise from the Pat Bowlen Trust must be approved by the NFL, but that is considered a formality.
“While this purchase and sale agreement is pending approval from the NFL finance committee and league owners, today marks an important step on the way to an exciting new chapter in NFL history. the Broncos,” team president and CEO Joe Ellis said in a statement.
“I’ve enjoyed getting to know Rob Walton, Carrie Walton Penner and Greg Penner throughout this process,” Ellis said. “As I learn more about his background and his vision for the Denver Broncos, I am confident that his leadership and support will help this team achieve great things on and off the field.”
Rob Walton said in a statement: “We are delighted to have been selected to go forward with the purchase of the 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.
“Having lived and worked in Colorado, we have always admired the Broncos. Our excitement has only grown as we have learned more about the team, staff and Broncos Country in recent months,” added Walton.
Walton said that Mellody Hobson, co-CEO of Ariel Investments and president of Starbucks, has agreed to join the ownership group.
Hobson is black. NFL Commissioner Roger Goodell has made minority ownership a point of emphasis in the league.
“Mellody currently serves as the Chairman of the Board of Starbucks Corporation and is also a director of JPMorgan Chase. We know she will bring her strategic acumen and her leadership perspective to our team,” Walton said.
“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 completed, our family will be excited to share more with Broncos fans, the organization and the community.”
Walton, 77, was chairman of Walmart, the world’s largest retailer, from 1992 to 2015, when he retired. He is the eldest son of founder Sam Walton and Helen Walton and has an estimated net worth of nearly $60 billion.
First-year coach Nathaniel Hackett demurred when asked during offseason workouts Monday if he kept up with the sale process.
“My job is to prepare the team and teach systems and teach them how to come together as a team and make them better at football,” Hackett said. “I know it’s obviously a big, big deal. But for us it’s about winning no matter who owns the team, so I’m excited.”
After a first round of offers, five finalists were invited to tour the team’s facility and delve into the franchise’s finances. Hackett said he met with most of the billionaire bidders.
“After talking to everyone, I think everyone has an incredible passion and they want to be a part of this league, and they want to be a part of a team, and I think that’s a really beautiful thing,” Hackett said.
“They want to come here to win and they want to do something great here. So wherever he is, I think we’re going to be very grateful.”
The Pat Bowlen Trust has run the franchise for several years and last year put the club up for sale after the sons of Hall of Famer Pat Bowlen couldn’t agree on a successor for their father.
Bowlen died in 2019, a month before his induction into the Pro Football Hall of Fame.
Reference-www.theglobeandmail.com