An Arkansas graduate and the heir to the fortune of the world’s largest retailer has agreed to buy the Denver Broncos.
[autotag]Rob Walton[/autotag], a 1966 graduate of the University of Arkansas and the son of the late Sam Walton, the founder of Wal Mart, heads a group that has purchased the Denver Broncos for $4.65 billion dollars, which is the highest that anyone has paid for a professional sports franchise. reports ESPN’s Adam Schefter.
Following the purchase, Walton released a statement regarding the purchase of the NFL franchise:
We are thrilled to be selected to move forward with the purchase of the Denver 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.
We are excited to announce that Mellody Hobson, Co-CEO of Ariel Investments, has agreed to join our ownership group. Beyond her role at Ariel, Mellody is an influential leader in corporate and civic organizations across the nation.
Mellody currently serves as Chair of the Board of Starbucks Corporation and is also a director of JPMorgan Chase. We know she will bring her strategic acumen and leadership perspective to our team.
Thank you to Joe Ellis and the staff of the Broncos for the first-class manner in which they have conducted this sale process. In addition, we thank Hogan Lovells for their guidance and support in this effort.
We look forward to earning the confidence and support of the NFL as we take the next step in this process. When the necessary approval procedures are met, our family is excited to share more with Broncos fans, the organization and the community.
According to Broncos Wire, the sale is subject to NFL approval, which could arrive within the next few weeks. Walton will become the team’s new majority owner with Greg and Carrie Penner serving as minority owners.
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