Owning an NFL team is arguably the best investment anyone can make.
The Walton-Penner family’s deal to buy the Denver Broncos, announced Tuesday night, is proof of that. NFL.com has announced that the group, which is led by Walmart heir Rob Walton, will pay his daughter, Carrie Walton Penner, and her husband, Greg Penner. $4.65 billion to own the Broncos†
Pat Bowlen, the previous owner, bought the Broncos in 1984 for $78 million.
If approved, the deal would set a record for the highest selling price for a U.S. sports franchise, breaking the record $2.4 billion paid for the New York Mets in 2020. The Brooklyn Nets sold for $2.35 billion in 2019, CBS reports. Sports noticed.
The network said the previous record amount paid for an NFL franchise was the $2.275 billion David Tepper spent on the Carolina Panthers. The record sales price for any sports franchise is $5.3 billion for Chelsea football club. That deal was finalized last month.
“We are delighted to have been selected to proceed with the purchase of the Denver Broncos!” Rob Walton said in a statement on the league’s website. “Carrie, Greg and I are inspired by the opportunity to lead this great organization in a vibrant community of opportunity and passionate fans.”
One person who probably isn’t thrilled: former Broncos star John Elway.
According to Action Network’s Darren Rovell, Elway was once offered a minority stake in the Broncos while he was still playing.
Here’s an excerpt from Rovell’s story: “In September 1998, Broncos owner Pat Bowlen offered Elway, who had just led the Broncos to their first Super Bowl title, a 10 percent share of the team for the money. that they owed him ($21 million). Bowlen softened the deal by offering an additional 10 percent of the team for $15 million. …
“At $4.5 billion, John Elway’s 20 percent stake he could have gotten for $36 million today would have been worth $900 million, a return of 1,330 percent, taking inflation into account. He also gave up the rights of first refusal to buy the rest of the team.”
It’s actually a little more than that, because 20% of $4.65 billion is $930 million.
Despite passing the ownership stake, Elway made $45.4 million in his playing career, became general manager of the Broncos and they won Super Bowl 50. Elway also sold his car dealerships in 1997 for $82.5 million in stock.
ESPN’s Adam Schefter said approval of the Broncos deal would take between 60 and 90 days, and “no problems are expected.” That means the new owners should take over in time for the 2022 NFL season.
Top 5 franchise sales prices
Chelsea football team, $5.3 billion
Denver Broncos, $4.65 Billion
New York Mets, $2.4 billion
Brooklyn Nets, $2.35 Billion
Carolina Panthers, $2.275 Billion
