Denver Broncos To Be Bought By Wealthiest Family In U.S.

ENGLEWOOD, CO — The country's wealthiest family has won the bidding to buy the Denver Broncos, the team announced late Tuesday night.

Walmart heir Rob Walton released a statement on behalf of his family, which explained why the bid — the most expensive deal for a sports franchise anywhere in the world, according to the Associated Press — was made.

"Having lived and worked in Colorado, we've always admired the Broncos," Walton's statement read, in part. "Our enthusiasm has only grown as we've learned more about the team, staff and Broncos Country over the last few months."

Terms of the sale weren't disclosed, but KUSA-TV in Denver reported it was for $4.65 billion.

The agreement for the Walmart-Penner group to buy the franchise from the Pat Bowlen Trust must be approved by the NFL, but that is considered a formality.

“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,” team president and CEO Joe Ellis said in a statement.

“I have enjoyed getting to know Rob Walton, Carrie Walton Penner and Greg Penner throughout this process," Ellis said. "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.”

The Pat Bowlen Trust has run the franchise for several years and last year put the club up for sale after Hall of Famer Pat Bowlen’s children couldn’t concur on a successor to their father.

Bowlen died in 2019, a month shy of his induction into the Pro Football Hall of Fame.

Walton, 77, was chairman of Walmart, the world's largest retailer, from 1992-2015, when he retired. He is the eldest son of founder Sam Walton and Helen Walton and has an estimated net worth of nearly $60 billion.

The Associated Press contributed to this report.