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NFL owners set to approve new Broncos ownership on Aug. 9

Walton-Penner group will take over before season
Jim Walton, Alice Walton, Robson Walton
Posted at 4:23 PM, Jul 20, 2022
and last updated 2022-07-20 18:55:58-04

DENVER — What has been expected for weeks will become official next month.

According to a source, NFL owners will meet on Aug. 9 in Minnesota to vote on Rob Walton's $4.65 billion agreement to purchase the Broncos. It represents a record price for a North American sports franchise, and is expected to be approved.

It will mark the end of the Bowlen ownership of the Broncos, which began in 1984. Pat Bowlen landed in the Pro Football Hall of Fame for his stewardship, helping guide the Broncos to three Super Bowl titles after purchasing the team for $70 million. The last championship came in 2015, a year after Bowlen ceded control of daily operations as he was diagnosed with Alzheimer's disease.

Bowlen passed away in 2019 at the age of 75. He set up a three-person trust to identify an owner among his children. The siblings could not agree on one lone voice, and after years of drama, the team was placed on the auction block in January.

The Walton group, which includes Greg and Carrie Penner, the son-in-law and daughter of Walton, and members Mellody Hobson and Condoleezza Rice, won the bidding. Walton's net worth of $60 billion would make him the richest owner in NFL history.

Over the past 18 months, the Broncos have added a new general manager in George Paton, new coach in Nathaniel Hackett and a new quarterback in Russell Wilson. On Aug. 9, that list will include a new owner.