The Denver Broncos will soon have new ownership, but it’s not official just yet.
A group led by Walmart heir Rob Walton has entered into a purchase and sale agreement with the team, agreeing to pay $4.65 billion for Denver’s NFL franchise. Both sides have agreed to the sale, but there are a few boxes that have to be checked before the purchase is finalized.
First, the league’s finance committee has to approve, which is essentially just a formality given Walton’s financial acumen. Then, a majority of NFL owners (at least 75%; 24 of 32 owners) have to approve of the sale.
The league will soon hold an owners meeting specifically to vote on the new ownership group for the Broncos. That meeting could happen anywhere between the next few weeks to the next two months, according to KUSA-TV’s Mike Klis. The vote seems likely to land in Walton’s favor.
If the owners vote in approval, the sale will likely become official shortly thereafter in mid-to-late summer ahead of the NFL’s 2022 regular season.
Walton will become the team’s new controlling owner (pending approval), but his son-in-law, Greg Penner, and his daughter, Carrie Walton-Penner, are expected to handle Denver’s day-to-day ownership duties. The Walton-Penner group is also expected to have Mellody Hobson join as a minority owner.
The sale is trending toward happening, but it will need NFL approval before becoming official. That approval should arrive this summer.
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