Walton-Penner family to acquire Broncos for reported record $4.65B

The Denver Broncos and the Walton-Penner family have entered into a purchase and sale agreement, the team announced Tuesday.

The agreement, which is subject to approval from the NFL's finance committee and league ownership, calls for the Walton-Penner family to acquire the franchise from the Pat Bowlen Trust.

"I have enjoyed getting to know Rob Walton, Carrie Walton Penner and Greg Penner throughout this process," Broncos president Joe Ellis said in a statement. "Learning more about their background and vision for the Denver Broncos, I am confident that their leadership and support will help this team achieve great things on and off the field."

Ellis added: "While this purchase and sale agreement is pending approval from the NFL's finance committee and league ownership, today marks a significant step on the path to an exciting new chapter in Broncos history."

The sale price is $4.65 billion, which will set a new U.S. sports-franchise record, reports Mike Klis of 9News.

Denver is the first NFL franchise to be sold since David Tepper acquired the Carolina Panthers for $2.27 billion in 2018.

The Broncos officially went up for sale Feb. 1. Pat Bowlen purchased the franchise in 1984 and helped it win three Super Bowl titles. His family controlled the team after he died in 2019 from complications due to Alzheimer's.

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

Walton added, "We look forward to earning the confidence and support of the NFL as we take the next step in this process."

At least 24 yes votes from owners are required for the agreement to be approved, according to ESPN.

Rob, the son of Walmart founder Sam Walton, served as chairman of the retail company for more than two decades after his father died in 1992. Rob's cousin Ann is married to Los Angeles Rams owner Stan Kroenke, according to Sports Illustrated's Luke Patterson.

The Broncos already kicked off a new era this year after acquiring quarterback Russell Wilson in a blockbuster trade with the Seattle Seahawks. Denver general manager George Paton also hired first-year head coach Nathaniel Hackett this year.