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The Denver Broncos have likely lost one of their billionaire bidders for the team: Todd Boehly.
Boehly, an owner of the Los Angeles Dodgers, Lakers, and Sparks, is heading the group set to take over the Premier League’s Chelsea FC for $5.22 billion, the most expensive team sale in history. Chelsea confirmed the consortium as the final bidder on Monday.
The Broncos are expected to fetch more than $4 billion. If Boehly purchased both teams, the total price tag would be more than double his estimated net worth of $4.5 billion — a stretch, even for a billionaire. Boehly, however, has not officially dropped out of the bidding for the Broncos.
The Gazette reported that the Broncos sale is down to two groups — one led by Rob Walton, son of Walmart founder Sam Walton, and another led by Josh Harris, co-founder of Apollo Global Management and a Philadelphia 76ers owner.
- Walton’s net worth is reportedly around $68.4 billion.
- Harris, whose group includes Earvin “Magic” Johnson, has a net worth of roughly $7.26 billion.
The Broncos denied that there are two finalists.
Time for Takeover
Chelsea’s takeover is subject to approval by the Premier League and U.K. government and must be completed by May 31 — when the team’s temporary license to operate expires.
A portion of the investment — around $3.07 billion — will purchase the shares in the club, which will then be deposited to a frozen U.K. bank account with the plan of donating 100% to charitable causes. Around $2.15 billion will go to investments in Stamford Bridge and Chelsea FC’s women’s team, along with other projects.
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