Thursday, May 30, 2024

Walmart heir and family to purchase NFL’s Denver Broncos for record $4.65 billion

Walmart heir Rob Walton and his family have entered into a purchase and sale agreement for the takeover of the Denver Broncos.

The Walton-Penner family is reported to have made a bid worth $4.65 billion for the National Football League team, the BBC reports.

That would be a record for an American sports franchise, topping the $3.2 billion paid for the NBA’s Brooklyn Nets in 2019.

“We are thrilled to be selected to move forward,” Walton said in a statement.

The purchase needs approval from the NFL’s finance committee and league ownership. It would more than double the most recent sale of an NFL team, with the Carolina Panthers sold for $2.28 billion in 2018.

The ownership group, led by Walton, his daughter Carrie Walton Penner, and her husband Greg Penner, will acquire the Broncos from the Pat Bowlen Trust. Bowlen, who died aged 75 in 2019, acquired the franchise in 1984. The Broncos won three Super Bowls during his ownership.

Forbes valued the Broncos at $3.75 billion in 2021, 10th on the list of NFL franchise valuation.

According to Forbes, 77-year-old Walton has a net worth of $65 billion and is the 19th-richest person in the world.

“I am confident that their leadership and support will help this team achieve great things on and off the field,” said Broncos chief executive and president Joe Ellis.

Denver made a noteworthy acquisition this off-season by signing quarterback Russell Wilson from the Seattle Seahawks.

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