The Denver Broncos have entered a sale agreement with the Walton-Penner family ownership group, the sides announced Tuesday night.
The agreement is for $4.65 billion, sources told ESPN, confirming multiple reports. That would be a record price paid for a North American sports franchise.
The Walton-Penner group — headed by Walmart heir Rob Walton; his daughter, Carrie Walton Penner; and her husband, Greg Penner — will also include Mellody Hobson, co-CEO of Ariel Investments as well as chair of the board of the Starbucks Corp. and a director at JP Morgan Chase.
“Today marks a significant step on the path to an exciting new chapter in Broncos history,” Broncos CEO Joe Ellis said in a statement.
The sale agreement is subject to review by the NFL’s finance committee and must be approved by a full vote of NFL owners. Twenty-four yes votes are needed for the sale to be approved.
It is expected to take 60 to 90 days for the sale to be approved and the deal to be closed; no issues are expected, a source told ESPN’s Adam Schefter.