Walmart heirs strike .65 billion deal to buy Denver Broncos

Walmart heirs strike $4.65 billion deal to buy Denver Broncos

The Denver Broncos have officially sold to a group of Walmart heirs for a record price of $4.65 billion.

That’s not just an NFL record, it’s a sports record, dwarfing Steve Cohen’s $2.4 billion purchase of the New York Mets and David Tepper’s $2.3 billion takeover of the Carolina Panthers.

It even exceeds Todd Boehly’s $5.12 billion takeover of Chelsea FC as that figure includes investments in the London football club’s stadium and donations to charities supported by outgoing owner Roman Abramovich. In the end, the true selling price was closer to $3 billion, according to multiple reports.

The Walton Penner Ownership Group’s offer was unanimously approved by NFL owners at a meeting Tuesday, according to NFL Commissioner Roger Goodell.

“We’re just so excited to officially become a part of the Broncos — a big, big day for us,” Rob Walton said during a brief press conference.

The Denver Broncos have officially sold to a group of Walmart heirs for a record price of $4.65 billion. Super Bowls during his reign. His trust took over ownership after his death in 2019. Rob Walton, 77, is now the NFL’s richest owner thanks to an estimated fortune of nearly $60 billion, according to Bloomberg

Carrie Walton-Bumper Greg Penner, CEO of Walmart

The ownership group also includes Walton’s daughter Carrie (left) and her husband Greg (right) Penner, who has corporate finance experience and works at Goldman Sachs

A cutout of the late Denver Broncos owner Pat Bowlen and cutouts of three Vince Lombardi trophies are seen in the upper stands at Empower Field in Mile High during the first quarter of a game against the Miami Dolphins on November 22, 2020

A cutout of the late Denver Broncos owner Pat Bowlen and cutouts of three Vince Lombardi trophies are seen in the upper stands at Empower Field in Mile High during the first quarter of a game against the Miami Dolphins on November 22, 2020

Rob Walton, one of the heirs to the Walmart fortune, released his own statement on Tuesday

Rob Walton, one of the heirs to the Walmart fortune, released his own statement on Tuesday

HIGHEST TEAM SALES

  • Brooklyn Nets: $3.2 billion to Joseph Tsai in 2019
  • Chelsea FC: $3.1 billion to Todd Boehly in 2022
  • New York Mets: $2.4 billion to Steve Cohen in 2020
  • Carolina Panthers: $2.3 billion to David Tepper in 2017
  • Houston Rockets: $2.2 billion to Tilman Feritta in 2017
  • (Source: Forbes)

    The sale officially ends the Bowlen family’s involvement with the team after nearly four decades. Pat Bowlen acquired the Broncos in 1984 and the franchise won three Super Bowls during his reign. His trust took over ownership after his death in 2019.

    Rob Walton, 77, is now the NFL’s richest owner thanks to an estimated fortune of nearly $60 billion, according to Bloomberg. His ownership group also includes his daughter, Carrie, and her husband, Greg Penner, who has corporate finance experience at Goldman Sachs.

    The Walton heirs are taking over at a precarious time for the Broncos, who haven’t made the playoffs in six seasons but recently acquired former Super Bowl winner Russell Wilson from the Seattle Seahawks

    “Putting a successful team on the pitch is a top priority,” Walton said at the press conference.

    The ownership group also includes minority owners like former Secretary of State Condoleezza Rice and Formula 1 star Lewis Hamilton.

    Forbes identified bidders other than Josh Harris, who is part of the Philadelphia 76ers and New Jersey Devils ownership group; Jose E. Feliciano, one of the founders of Clearlake Capital; and mortgage lender Mat Ishbia.

    Former Secretary of State Condoleezza Rice Formula 1 star Lewis Hamilton

    The ownership group also includes minority owners like former Secretary of State Condoleezza Rice and Formula 1 star Lewis Hamilton

    Hamilton, 37, who drives for the Mercedes team and whose 103 career wins are the most in F1 history, is the third limited partner brought on board by the Walton-Penner ownership group.

    Goodell has made minority ownership a focus in the league.

    “Excited to join an incredible group of owners and be a part of Broncos history!!” Hamilton tweeted last week. “It’s an honor to work with a world-class team and to serve as an example of the value of more diverse leadership across all sports.”

    “We are delighted to welcome seven-time Formula One World Champion Sir Lewis Hamilton to our ownership group,” Walton said in a statement. “He is a competitive champion who knows what it takes to lead a winning team and a passionate advocate for global equality, including in his own sport.

    “With over 100 race wins, Lewis is considered the most successful F1 driver of all time,” added Walton. ‘His resilient spirit and outstanding standard will be an asset to the ownership group and the Broncos organization.’

    Hamilton shared his excitement about joining the Broncos team by posting on his Twitter profile

    Hamilton shared his excitement about joining the Broncos team by posting on his Twitter profile