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Denver Broncos Reach Sale Agreement for $4.65 Million

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The Denver Broncos have entered a sale agreement with the Walton-Penner family ownership group (headed by Walmart heir Rob Walton; his daughter, Carrie Walton Penner; and her husband, Greg Penner), according to an official announcement from both entities on Thursday night.

According to ESPN, the agreement is for a price tag of $4.65 million which would be a record price paid for a North American sports franchise.

The group will also include Mellody Hobson, co-CEO of Ariel Investments as well as chair of the board of the Starbucks Corp. and a director at JP Morgan Chase, per the report.

“Today marks a significant step on the path to an exciting new chapter in Broncos history,” Broncos CEO Joe Ellis said in an official statement.

“We are thrilled to be selected to move forward with the purchase of the Denver Broncos!” 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. 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.”

According to ESPN’s Adam Schefter, the process is expected to take 60 to 90 days for the sale to be approved and the deal to be closed.

Anthony DiMoro is the creator of Sports Rants and the CEO of Elite Rank Media. He is a former Contributor for Forbes and the Huffington Post where he covered sports, social media, and SEO. Anthony formerly hosted the 'Forbes SportsMoney Podcast'.

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