The Denver Broncos will have new ownership after a sale agreement between the club and the Walton-Penner family was reached.
Walton-Penner family will acquire the franchise from the Pat Bowlen Trust for a record $4.65 billion, the largest amount paid for a sports team in the USA.
The agreement remains subject to approval from the NFL’s finance committee and league ownership.
“I have enjoyed getting to know Rob Walton, Carrie Walton Penner, and Greg Penner throughout this process,” Broncos president Joe Ellis said in a statement.
“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.”
Ellis added: “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.”
Denver Broncos sale is the first incident of an NFL franchise being sold since David Tepper acquired the Carolina Panthers for $2.27 billion in 2018.
The Broncos officially went up for sale on Feb. 1 with Pat Bowlen passing away in 2019 from complications due to Alzheimer’s.
He purchased the franchise way back in 1984 and helped it win three Super Bowl titles.
“We are thrilled to be selected to move forward with the purchase of the Denver Broncos,” Rob Walton said in a 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.”
Walton added, “We look forward to earning the confidence and support of the NFL as we take the next step in this process.”
The Walton-Penner family are the owners of Walmart.
Rob, the son of Walmart founder Sam Walton, served as chairman of the retail company for more than two decades after his father died in 1992.
Rob’s cousin Ann happens to be married to Los Angeles Rams owner Stan Kroenke.
The Broncos were already gearing up for an exciting season of change.
They already acquired Russell Wilson in a blockbuster trade with the Seattle Seahawks and handed the reigns to first-year head coach Nathaniel Hackett.
