
Some front-runners are reportedly emerging as new ownership groups for the Denver Broncos, and one could seek an upgrade in the Mile High City.
According to The Denver Gazette‘s Woody Paige, Rob Walton and a bidding group led by Philadelphia 76ers governor Josh Harris (including Magic Johnson as a minority investor) are perceived as the top-two finalists. However, two other sources asserted that three other potential buyers have meetings scheduled over the next two weeks.
According to Page, the acquisition price is expected to eclipse $4 billion, setting a record for the most paid to purchase any sporting franchise.
Walton, the former Walmart chairman, has an estimated net worth of $69.5 million. Along with his family’s wealth, he has the advantage of being a cousin (through marriage) of Los Angeles Rams owner Stan Kroenke.
Like Kroenke, Walton has aspiration of building a new stadium in Denver if acquiring the team.
Page added that former Super Bowl-winning Broncos quarterbacks John Elway and Peyton Manning would also be interested in joining the winning bidder’s group.
Denver’s current stadium, now named Empower Field at Mile High, opened in 2001. It replaced Mile High Stadium, which was built in 1948.
With 15 older NFL stadiums, a new venue doesn’t appear to be an immediate pressing need. The biggest question is how much Walton would be willing to pay from his own pockets if buying the Broncos and spearheading this project.