Broncos say they’re entering agreement to be sold to billionaire Walton-Penner family

The Denver Broncos announced late Tuesday that they had entered into an agreement to be sold to the Walton-Penner family.

This means billionaire heirs to the Walmart fortune are in line to be the next owners of the Denver Broncos.

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

The Walton-Penner family is headed by Walton — an heir to the Walmart fortune and son of Walmart founder Sam Walton — who is believed to be worth more than $65 billion. Carrie Walton Penner, a granddaughter of Sam Walton, and her husband, Greg Penner, are also part of the new ownership group. The trio also announced Tuesday that Mellody Hobson, the chair of the board for Starbucks, will also join as an owner.

The family will buy the club from the family of Pat Bowlen, the longtime owner of the Broncos who died in 2019. Since his death, the Broncos have been run through a trust. After some lengthy legal maneuvering and tussling over who would control the Broncos long term, the family decided to sell the franchise.

On Monday, it was announced the Broncos were seeking second bids to acquire the franchise, which many believe will fetch the most money ever paid for a sports team. Initial reports earlier this week said the Walton-Penner bid of $4.5 billion dollars would likely win out among the four initial groups bidding to take over the Broncos. Final terms of the sale were not immediately disclosed.

In a release, the Broncos said the sale is pending approval from NFL owners and other closing procedures.

CPR's Corey Jones contributed to this story.