Pending approval by the NFL’s Finance Committee, the Walton-Penner Ownership Group’s will have their purchase of the Broncos finalized Aug. 9 in Minneapolis, according to a league source.
The Rob Walton-led group must first meet with the Finance Committee, which will approve of the $4.65 billion purchase and send it along to the entire ownership body. A “yes” vote of at least 75% is required (24 clubs). The Finance Committee is chaired by the Kansas City Chiefs’ Clark Hunt.
Once the team owners approve the purchase, the Broncos will be under new ownership for the first time since Pat Bowlen and his siblings bought a majority stake in the team in 1984.
On June 11, Walton, daughter Carrie Walton Penner and son-in-law Greg Penner reached agreement with the Broncos for the largest purchase in world sports franchise history. Limited shareholders included Mellody Hobson and Condoleezza Rice. It is unknown how large a stake Hobson and Rice will own of the Broncos or if they will be voting shares.
The timeline will achieve Broncos president/CEO Joe Ellis’ goal of having a new ownership group in place by the start of the regular season Sept. 12 at Seattle. The Broncos were put on the market on Feb. 1.
