Denver Broncos Pick Walton-Penner Family in Auction to Sell Team

 

Given the potential worth for the group, the listing of professional bidders dwindled to round a half dozen. Robert Smith, who grew up in Denver and is taken into account one of many wealthiest Black individuals in the nation, was thought-about a contender however his bid by no means materialized.

Other bidders included Josh Harris, who already owns stakes in the N.B.A.’s Philadelphia 76ers and the N.H.L.’s Devils.

Some studies have linked the previous Broncos quarterbacks John Elway and Peyton Manning to completely different bidders, however they might presumably maintain small monetary stakes. Under league guidelines, the brand new proprietor can solely borrow up to $1 billion to finance the acquisition, a limitation that eradicated many events.

That restriction is unlikely to restrict Rob Walton, Greg Penner and their households. Walton, 77, is the oldest little one of Helen and Sam Walton, the co-founder of Walmart. Rob Walton was chairman of Walmart from 1992 to 2015. His cousin is Ann Walton, the niece of Sam Walton and the spouse of E. Stanley Kroenke, who owns the Los Angeles Rams of the N.F.L., the Denver Nuggets of the N.B.A., the Colorado Avalanche of the N.H.L. and Arsenal F.C. in the Premier League, amongst different groups.

Penner married Rob Walton’s daughter, Carrie, and has been Walmart’s chairman since 2015.

The Walton-Penner bid, if accepted, would finish practically 4 many years of possession by the Bowlen household. The Broncos joined the A.F.L. in 1960 and had been dismal on the sphere for his or her first decade and a half, although they had been in style with followers in the Rocky Mountain states. But after Bowlen purchased the membership in 1984, the Broncos had 21 successful seasons, 13 division titles, 9 convention championship berths and 7 Super Bowl appearances.

His reminiscence failing, Bowlen stepped away from operating the group in 2014, and left a number of trustees, together with Ellis, to oversee the franchise. The trustees had been tasked with deciding which of his youngsters ought to change into the controlling proprietor — or whether or not the franchise ought to be bought, in the event that they believed that was in the household’s greatest curiosity.

Beth Bowlen, Bowlen’s second daughter from his first marriage, labored on the membership and was changing into the principal proprietor. But she left the group a number of years in the past.


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