The Denver Broncos have agreed to a sales agreement with the Walton-Penner family ownership group, which is subject to league approval.
According to multiple reports, the winning bid from Walmart store heir Rob Walton, his daughter Carrie Penner, son-in-law Greg Penner, and other investors was $4.65 billion.
That would be the most money ever paid for a sports team in North America.
The NFL finance committee and at least 24 of the league’s 32 club owners must approve the Pat Bowlen Trust’s sale of the three-time Super Bowl champion team.
“Today marks a significant step on the path to an exciting new chapter in Broncos history,” Broncos president Joe Ellis said.
“I’m confident that their leadership and support will help this team achieve great things on and off the field.”
Pat Bowlen, who bought the Broncos in 1984 and died in 2019, was the team’s owner.
Since then, the team had been held by a trust in his name.
“We are thrilled to be selected to move forward with the purchase of the Denver Broncos,” Rob Walton said in a statement.
“We look forward to earning the confidence and support of the NFL as we take the next step in this process.”
In 2016, the Broncos won their third Super Bowl title, but they haven’t made the playoffs since.
Last season, they went 7-10, their seventh straight losing season.