Walmart heir Rob Walton won’t officially take over as the majority owner of the Denver Broncos until he wins approval from the NFL in the coming weeks. 

But in the aftermath of Tuesday night’s announcement that his group agreed to purchase the team for $4.65 billion — more than twice the amount paid for the Carolina Panthers in 2018 — the direction of the Broncos’ new regime is coming into focus. 

The team sale is one of many significant changes in Denver.

Broncos President & CEO Joe Ellis intends to retire after the Walton group is approved by the NFL Finance Committee and then by 75% of NFL ownership. A vote will likely take place before the start of the season. 

The Broncos acquired quarterback Russell Wilson from Seattle and will enter the 2022 season with a new head coach in former Green Bay Packers coordinator Nathaniel Hackett.

• Walton’s son-in-law Greg Penner and daughter Carrie Walton-Penner are expected to run the day-to-day operations. The couple will also be co-owners. 
• Investment executive and Starbucks board member Mellody Hobson, who is Black, will become one of the few non-white co-owners in the league. 
• Ellis said in April a new stadium to replace 21-year-old Empower Field at Mile High will “be the No. 1 decision the new owner will have to make.”

Could the Broncos Have Sold for More?

Four groups submitted second-round bids by Monday’s deadline, including from Philadelphia 76ers co-owner Josh Harris. ProFootballTalk reported that Harris would have paid $5 billion, but was not given assurance that Walton wouldn’t match.

Around 90 current and former gymnasts are seeking more than $1 billion from the FBI for failing to act on former USA Gymnastics and Michigan State doctor Larry Nassar’s sexual abuse. 

Among the athletes are Olympic gold medalists Simone Biles, Aly Raisman, and McKayla Maroney.

The reports come weeks after the Justice Department decided not to charge the two former FBI agents that allegedly mishandled the allegations.

Government agencies have six months to respond to tort claims, but the FBI was told of some of Nassar’s acts in 2015 yet left him undisciplined for more than a year. 

• When Indianapolis-based gymnasts reported assaults in 2015, the FBI didn’t open a formal investigation or inform state or federal authorities, according to the DOJ’s inspector general.
• In 2016, Los Angeles FBI agents interviewed several survivors through a sexual tourism investigation against Nassar, but failed to notify Michigan authorities.
• Nassar was arrested in 2016 following an investigation by Michigan State police but didn’t plead guilty until 2017. He is now serving a 60-year sentence in federal prison and has a 175-year sentence in Michigan.

No lawsuits have been filed — but could be depending on the FBI’s response.

Separate Settlements

Last year, around 500 Nassar victims reached a $380 million settlement with USA Gymnastics, the U.S. Olympic & Paralympic Committee, and their insurers. In 2018, Michigan State University agreed to pay $500 million to 332 girls and women who were abused by Nassar during his time at the school.

The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, will acquire 100 million shares in Embracer Group, marking its second $1 billion investment in Swedish gaming. 

Savvy Gaming Group, a gaming company fully backed by the PIF, will make the acquisition. 

• The PIF will purchase an 8.1% stake in Embracer.
• The stake is valued at $1.05 billion. 

The pending acquisition by Savvy Gaming comes after it purchased Swedish esports tournament and league operators ESL and FACEIT in January 2022 for a combined $1.5 billion. 

Embracer, a video game and media holding company, has a portfolio that includes more than 230 games. It generated $534 million in revenue in fiscal Q4, a 117% increase year-over-year. 

The holding company has made several acquisitions and mergers over the last few years. 

In November 2020, Embracer purchased 12 game studios and a PR firm in a single day. Last February, it announced plans to acquire mobile game maker Easybrain for $640 million. 

Two months later, Embracer closed its merger with Gearbox Entertainment in a deal worth $1.3 billion. Last month, it agreed to acquire development studios Crystal Dynamics, Eidos, and Square Enix Montreal for $300 million.

Committed to Gaming 

The PIF, led by Saudi Crown Prince Mohammed bin Salman, continues to expand its reach in a global gaming industry expected to hit $222 billion in 2022, per Data.ai.

Last month, the fund acquired a 5% stake in Nintendo for $3 billion. It also has investments in Capcom, Activision Blizzard, EA, and others.