Rob Walton, son of late Walmart founder Sam Walton, is reportedly bidding more than $4 billion to buy the Denver Broncos.
Opening bids for the Broncos were reportedly due on Friday and would only be accepted if they were above the $4 billion threshold. The price tag is a mere fraction of Walton’s $70 billion worth, making him a favorite to buy the team.
NFL owners are not allowed to put more than $1 billion in debt on a team and must put down at least 33% of the equity.
A previous report suggests that the team’s final sale will land between $4.5 billion and $5.5 billion.
- Philadelphia 76ers and New Jersey Devils owner Josh Harris was expected to submit a bid.
- Reports suggest the NFL was courting Robert F. Smith, the richest Black man in America, to buy the team.
- Entertainment Studios’ Byron Allen said he was preparing an offer in February. Allen or Smith would become the league’s first Black owner should either win.
Walton’s brother-in-law is Stan Kroenke, owner of the Los Angeles Rams and former owner of the NBA Nuggets and NHL Avalanche.
A Pretty Penny
The estimated bidding price would make the Broncos sale the highest amount ever paid for an American professional sports team. David Tepper purchased the Carolina Panthers in 2018 for $2.2 billion, and Joe Tsai bought the Brooklyn Nets in 2019 for $2.3 billion.
