NFL team Denver Broncos, Walton-Penner family reach purchase-sale agreement

An American football (NFL) team, Denver Broncos, are set to have a new owner as the Walton-Penner family ownership group won the bid to buy the club from the Pat Bowlen Trust, according to a Twitter statement.

"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 on the team's Twitter account late Tuesday.

"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," Ellis said, adding that the Broncos' "purchase and sale agreement is pending approval from the NFL's finance committee and league ownership."

Meanwhile, US retail giant Walmart's heir Rob Walton said that they are "thrilled" to enter the sale and purchase agreement with the Broncos.

"Carrie, Greg and I are inspired by the opportunity to steward this great organization in a vibrant community full of opportunity and passionate fans. Having lived and worked in Colorado, we've always admired the Broncos. Our enthusiasm has only grown as we've learned more about the team, staff and Broncos Country over the last few months," Walton said and thanked Ellis and the club staff for their "first-class" manners in the sale process.

Walton added that they are waiting for the necessary approvals from the authorities, and when this process is finalized, the Walton-Penner group will share more details with the fans, organization, and the football community.

The financial terms of the deal were not disclosed by the club but the NFL Network's James Palmer reported that the group's winning bid was $4.65 billion.

Pat Bowlen bought the Broncos in 1984.

The Broncos won three Super Bowls in 1997, 1998, and 2015.

Bowlen, who was a Canadian-American lawyer, died in 2019 at the age of 75 after battling Alzheimer's disease.

In 2014, Ellis controlled the team after Bowlen stepped down from his position due to the disease.

Following Bowlen's death, the Pat Bowlen Trust including Ellis assumed the ownership of the Broncos and began the selling process of the Denver club in February.