NFL franchise Denver Broncos and their fans are about to be breathing and living much better after entering a sale agreement on Tuesday. The franchise is going to be under the control of the Walton-Penner family ownership group. It shatters the record price paid for a North American sports franchise since the Carolina Panthers in 2018.
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According to ESPN’s Adam Schefter, the agreement was for $4.65 billion between the new owners and the franchise. He adds that it is nearly double the price David Tepper paid for buying the Panthers franchise in 2018 for $2.3 billion.
It is an agreement that will face review by the NFL’s finance committee. The agreement will then look for approval through a full vote of the current NFL owners. Nearly 24 ‘yes’ votes from the owners are mandatory for the successful completion of the process.
David Tepper bought the Carolina Panthers in 2018 for $2.3 billion.
Four years later, the Walton-Penner family is buying the Denver Broncos for more than double that figure, a whopping $4.65 billion.
— Adam Schefter (@AdamSchefter) June 8, 2022
The Walton-Penner group even put out a statement sharing their delight as they near gaining ownership. Walmart heir Rob Walton states, “We are thrilled to be moving forward with the purchase of the Denver Broncos…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 past few months.”
Will the new Denver Broncos owners lead them to Super Bowl glory soon?
The 77-year-old former Walmart chairman will have his family members including his daughter, Carrie Walton Penner; and her husband, Greg Penner. The group will be welcoming Mellody Hobson, co-CEO of Ariel Investments and chair of the board of the Starbucks Corp., and a director at JP Morgan Chase. Even Broncos CEO Joe Ellis describes the agreement as a significant step towards a new chapter for the historic franchise.
Among the NFL’s most successful franchises in the Super Bowl era, they have 3 Super Bowl wins under former owner Pat Bowlen. According to Forbes, the potentially new Broncos owner Rob Walton has a net worth of $59 billion.
While Bowlen oversaw more Super Bowl appearances during his tenure than losing seasons, the new owners will face high expectations.
The 2022 NFL campaign will receive a warm welcome from the Broncos fans, who will be on cloud nine. The familiarity of the new owners with the city after living and working in Colorado could prove beneficial. With Walton-Penner in control, they can potentially take the franchise to new heights.
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Gurjyot Singh Dadial