The Walton-Penner family ownership group has reached an agreement to buy the Denver Broncos for a reported $4.65 billion.

The Broncos’ sale price is the highest ever for a North American sports franchise, and it’s not particularly close. The previous record was set in 2019 when the Brooklyn Nets were sold for what it’s thought to be around $2.3 billion.

Walmart heir Rob Walton leads the Walton-Penner group. Walton’s daughter, Carrie Walton Penner, and her husband, Greg Penner, are part of the Broncos’ new ownership group, as well.

"We are thrilled to be selected to move forward with the purchase of the Denver Broncos!" Walton said in a statement. "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."

The $4.65 billion valuation is more than twice as much as the previous most expensive NFL team sale. David Tepper purchased the Carolina Panthers for $2.275 billion in 2018.

The Walton-Penner group outbid three other potential buyers, according to reports. The sale is expected to be approved within the next three months, according to ESPN.

Rob Walton is in line to become the NFL’s richest owner. Forbes estimates Walton to be worth $58 billion. Tepper was estimated to be the richest owner with a net worth approaching $17 billion.

The Broncos were last sold in 1984. Pat Bowlen bought the team for about $70 million.

Russell Wilson, Denver Broncos
Quarterback Russell Wilson #3 of the Denver Broncos poses with his family (L-R), Sienna, Future, Win and Ciara following an introductory press conference at UCHealth Training Center on March 16, 2022 in Englewood, Colorado. Justin Edmonds/Getty Images
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