Denver Broncos and Walton-Penner enter into purchase and sale agreement

cnn

06-08-2022

CNN —The Denver Broncos and the Walton-Penner family have entered into a purchase and sale agreement to acquire the NFL team, it was announced on Tuesday. The purchasing group is headed by Walmart heir Rob Walton, his daughter Carrie Walton Penner, and her husband Greg Penner, the chairman of Walmart. “I have enjoyed getting to know Rob Walton, Carrie Walton Penner and Greg Penner throughout this process,” said Broncos president and CEO Joe Ellis. The Denver Broncos face the Los Angeles Chargers at Empower Field at Mile High last November. The Pat Bowlen Trust announced in February its intention to sell the Broncos having owned the team since the death of former owner Pat Bowlen in 2019.

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"I have enjoyed getting to know Rob Walton, Carrie Walton Penner and Greg Penner throughout this process," Ellis said in a statement on Tuesday night. "We are thrilled to be selected to move forward with the purchase of the Denver Broncos," Walton said in a statement. After the Broncos announced in February that the team was going to be sold, Walton almost immediately emerged as one of the front-runners to purchase the franchise. Walton, who is the son of Walmart founder Sam Walton, has an estimated net worth of $65 billion. As for Walton, although he'll be the first Walmart heir to own a team, he won't be the first with ties to NFL ownership.

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> Archive 75: Bill Walton | 75 Stories: Bill WaltonThough remembered by many for a career plagued by injuries and a personal life spiced by controversy, Bill Walton won high praise from players and coaches alike during his checkered career. Before playing a single minute in the NBA, Walton knew the pains on injuries. During his first two years in Portland, Walton had sprained an ankle, broken his left wrist twice and dislocated two toes and two fingers. I’d never had a player say anything like that to me before.” But he had never coached Bill Walton. Walton played in 55 games in 1983-84 and 67 in 1984-85, while the Clippers won 30 and 31 games, respectively.

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The Walmart family is officially taking over the Denver Broncos. The Broncos entered into a sale agreement with the Walton-Penner family ownership group, the franchise announced Tuesday night. 9News' Mike Klis reported that the deal was for $4.65 billion, a record for an American sports team. The Denver Broncos and the Walton-Penner family have entered into a purchase and sale agreement to acquire the team. Statements: pic.twitter.com/tMcfuAifeS — Denver Broncos (@Broncos) June 8, 2022“I have enjoyed getting to know Rob Walton, Carrie Walton Penner and Greg Penner throughout this process,” Broncos president and CEO Joe Ellis said in a statement, in part.

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Placeholder while article actions loadAn ownership group led by Walmart heir Rob Walton reached an agreement to purchase the Denver Broncos for $4.65 billion, shattering the previous record sale price for an NFL franchise. Statements: pic.twitter.com/tMcfuAifeS — Denver Broncos (@Broncos) June 8, 2022Walton announced that Mellody Hobson, the co-CEO of Ariel Investments, had agreed to join his ownership group. NFL owners approved a resolution in March endorsing diversity in franchise ownership. Forbes, in its annual estimates of NFL franchise values, in August pegged the worth of the Broncos at $3.75 billion, 10th-highest in the league. “I have enjoyed getting to know Rob Walton, Carrie Walton Penner and Greg Penner throughout this process,” Ellis said.