• Loading stock data...
Tuesday, November 5, 2024
The Best Employers in Sports survey is open through Nov. 6 Learn More

Walmart Heir Rob Walton Agrees to Buy Broncos For Record $4.65B

  • Deal still requires NFL approval, although it is expected Walton will get the OK by the start of the season.
  • Walton beat our three other groups who submitted second-round bids for the Broncos.
Denver-Broncos
Walmart Corporate

Walmart heir Rob Walton and his family were the winning bidders for the Denver Broncos. 

The team announced late Tuesday night that the Broncos had entered into a sales agreement with Walton, the head of an ownership group that includes his daughter Carrie Walton Penner and her husband Greg Penner.

A source with knowledge of the sale confirmed to Front Office Sports the group agreed to pay $4.65 billion, a record price for a North American pro sports franchise. 

The Walton group was among four that put in second-round bids ahead of Monday’s deadline. Walton, worth an estimated $59.1 billion, shouldn’t have a problem coming up with the nearly $1.4 billion — 30% of the purchase price — in cash as required by the NFL. 

Investment executive Mellody Hobson “agreed to join the ownership group,” according to a statement issued by the Broncos. It wasn’t announced how big of a slice Hobson will own. 

“We are thrilled to be selected to move forward with the purchase of the Denver Broncos! Carrie, Greg and I are inspired by the opportunity to steward this great organization in a vibrant community full of opportunity and passionate fans,” the ownership group said in a statement. 

The sale will need approval from the NFL Finance Committee and then 75% of league ownership. It’s expected that there would be a special meeting scheduled to make it possible for the team to change hands officially before the start of the season. 

The sale price is second only to last month’s $5.4 billion sale of the Premier League’s Chelsea FC to an American group led by Todd Boehly. Boehly actually submitted a first-round bid, but wasn’t among the final four bids. 

Outside Walton, the final bidders were Josh Harris, founder of the entertainment group that owns the Philadelphia 76ers and New Jersey Devils, Clearlake Capital co-founder Jose E. Feliciano and  United Wholesale Mortgage CEO Mat Ishbia. 

The death of longtime Broncos owner Pat Bowlen — who was in declining health before he passed in 2019 — led his trust to run the team. His heirs could not come to an agreement on the future of the team.

After a court cleared the way for the team to be sold in December, the trust hired Allen & Co. to handle the auction a month later.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

2024 NFL Trade Deadline More Active Than 2023

Several big-name players found new homes.

2024 NFL Trade Deadline Live Updates: Lattimore Bolsters Commanders Defense

The 2024 NFL Trade Deadline is at 4:00. Which teams have added talent and salary?
Sep 1, 2024; Atlanta, Georgia, USA; PGA TOUR Commissioner Jay Monahan addresses the gallery gathered on the 18th green after the final round of the TOUR Championship golf tournament.

Not So Fast: PGA Tour–LIV Merger Not Done Yet

Multiple industry sources say reports of professional golf’s unification are premature.

ESPN’s Jason Kelce Avoids Discipline After Viral Fan Confrontation

The dust continues to settle from Jason Kelce’s viral confrontation.
podcast thumbnail mobile
Front Office Sports Today

NFL Teams Face Crossroads at Season’s Halfway Point

0:00

Featured Today

NFL Center Connor McGovern Is the Heir to a Potato Empire

The NFL vet’s family provides potatoes for McDonald’s, Wendy’s, and others.
Vanderbilt Commodores fans head to the south end zone as the goal post is taken down by exuberant fans after beating No. 1 Alabama 40-35 at Vanderbilt Stadium in Nashville, Tenn., Saturday, Oct. 5, 2024.
opinion
November 2, 2024

Something New in College Football This Year: Parity

Upsets, surprises. CFB is more fun on the field than the NFL.
Sep 28, 2024; Tuscaloosa, Alabama, USA; GOP Presidential candidate Donald Trump waves flanked by former Georgia Bulldogs player Herschel Walker, recording art Kid Rock, professional golfer John Daily, Alabama senators Tommy Tuberville (R) and Katie Britt (R) during the second half of the game between the Alabama Crimson Tide and the Georgia Bulldogs at Bryant-Denny Stadium.
November 1, 2024

Mission Swing State: College Football’s Political Advertising Battle

Trump, Harris, and the PACs that support them are utilizing the sport.
October 31, 2024

The Untapped Revenue ‘Powder Keg’ of Women’s NFL Fandom

There’s a “boatload” of money at stake for brands and the league.
Oct 27, 2024; Seattle, Washington, USA; Buffalo Bills quarterback Josh Allen (17) passes against the Seattle Seahawks during the second quarter at Lumen Field.

Buffalo Bills in Talks to Sell Stake to PE Firm Arctos: Report

Arctos already has a slice of Paris Saint-Germain and the PGA Tour, among other assets.
May 24, 2024; Minneapolis, Minnesota, USA; Dallas Mavericks owner Mark Cuban celebrates after defeating the Minnesota Timberwolves in game two of the western conference finals for the 2024 NBA playoffs at Target Center.
October 9, 2024

Why Mark Cuban Sold the Dallas Mavericks When He Did

Cuban sold his majority stake to the Adelson family in December 2023.
Jul 7, 2021; Tampa, Florida, USA; Tampa Bay Lightning owner Jeff Vinik hoists the Stanley Cup after the Lightning defeated the Montreal Canadiens 1-0 in game five to win the 2021 Stanley Cup Final at Amalie Arena.
October 25, 2024

Lightning Sell at $1.8B Valuation, Nearly Double Prior NHL Record

The Lightning unveiled a multistep and multiyear sale process.
Sponsored

World Series Delivers High-Demand Marquee Matchup

The hype around the World Series matchup drove ticket prices to record levels—but the Dodgers’ dominance quickly quieted the fervor.
Young fans look over Michigan State sports equipment on display during the Spring Showcase on Saturday, April 20, 2024, at Spartan Stadium in East Lansing.
October 2, 2024

Private Equity Firms Buy Rival Hockey Brands CCM and Bauer

Both brands have been around for decades and changed ownership in the same week.
September 18, 2024

Rogers Tightens Grip on Canadian Sports With $3.46B MLSE Stake

The Blue Jays owner makes a big move to corner most of the Toronto pro sports market.
Fans watch TV screens during a game viewing party for fans at the FanDuel Sportsbook at Meadowlands Racing & Entertainment in East Rutherford, New Jersey.
September 18, 2024

FanDuel Parent Buys Italian Gambling Company in Bid for Growth

Flutter is making big moves in Italy and Brazil.
September 12, 2024

Team USA’s Uniform Maker Is Shooting for a Long-Term Win

This week’s uniforms are honoring the Armed Forces.