Getty Rob Walton speaks at shareholders meeting.
The Denver Broncos have been sold to a group led by billionaire Rob Walton for a whopping $4.65 billion, according to Mike Klis of 9news.
According to Klis, Walton’s daughter Carrie Walton-Penner and his son-in-law Greg Penner will own stakes in the team, as well.
The sale marks the highest price for a sports franchise in U.S. history. It also more than doubles the previous NFL record.
Walton will now become the richest owner in the NFL. He has a net worth of $57.9 billion per Forbes.
Carolina Panthers owner David Tepper is the second-richest owner with a net worth of $16.7 billion. So, Walton is over $40 billion richer than the second-richest NFL owner.
The deal is still not officially done, however. The sale has to be approved by the NFL’s finance committee and receive 75 percent approval from the league’s owners.
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Rob Walton Speaks Out
After the news broke, Walton issued a statement:
“We are thrilled to be selected to move forward with the purchase of the Denver Broncos! 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 are excited to announce that Mellody Hobson, Co-CEO of Ariel Investments, has agreed to join our ownership group. Beyond her role at Ariel, Mellody is an influential leader in corporate and civic organizations across the nation. Mellody currently serves as Chair of the Board of Starbucks Corporation and is also a director of JPMorgan Chase. We know she will bring her strategic acumen and leadership perspective to our team. Thank you to Joe Ellis and the staff of the Broncos for the first-class manner in which they have conducted this sale process. In addition, we thank Hogan Lovells for their guidance and support in this effort.
“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.”
Mat Ishbia Issues a Statement
Bidding for the Broncos was competitive, as four groups made it to the second round of bidding. Ultimately, the price was driven to a historic level.
Billionaire Mat Ishbia, who was a finalist, made a statement via Klis.
“It was an honor to be part of the process. The Broncos are a first-class organization from all the leaders of the organization I met to the people who ran the sale process to how they go about their business. I worked hard on this and was excited to be a part of it but Rob Walton and his family will do an outstanding job and I wish nothing but the best for them and the Denver Broncos.”