Walmart Heir, Philadelphia 76ers Owner and Magic Johnson to Face Bidding War Over Denver Broncos After $16 Billion Consortium Joins Race
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The Denver Broncos will be entering a new era of ownership as the franchise bidding war heats up with 5 prospective buyers finalized. The latest and final consortium eager to become owners of the Broncos is Mat and Justin Ishbia, who is fronting a consortium. There have been talks between the Ishbia brothers about trying to make their entry into professional football.
According to 9NEWS reports, they will form a group that has put together a financial proposal worthy of catching the attention of those in charge of the Broncos’ sale. The original process began 3 weeks ago with 10 investment groups submitting 1st round offers.
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But since then, the field has narrowed down to four groups that also include the Philadelphia 76ers owner Josh Harris and Magic Johnson, Walmart’s Rob Walton, and longtime media mogul Byron Allen.
Among the interested buyers, only a few have yet not paid their visits to the team’s facilities. The Broncos will accept the highest bid, and one is expected to be near or surpass the $5 billion mark. The $5 billion sales could potentially shatter the American professional sports record and make the latest NFL team sale following the Carolina Panthers sale in 2018 for $2.3 billion.
The Denver Broncos are expecting the big-money takeover to happen soon
The second round of bids will be coming soon for the next step in gaining ownership. As the new owners are finalized, they will face the NFL financial committee and the NFL owners for approval. Though there will be other investors part of the Ishbia consortium, Mat will be the controlling owner.
He will be shelling out 30% of the funds, if it turns out to be a successful bid. The Yahoo Finance records list his net worth at $11 billion. Ishbia’s past could be a tie-breaking point in this bidding war for Broncos ownership.
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Ishbia is a former Michigan State Basketball player who won the national championship as a walk-on reserve. Since then, he has been the university’s top donor and associated with the MSU sports.
The interest and the historical connection with the sport are going to be alluring for NFL owners.
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The incoming owners of the Broncos will look to put their print on the football team. While the 2022 NFL campaign approaches ever closer, the fans will get the resolution they will crave before the start.
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Written by:
Edited by:
Gurjyot Singh Dadial
