Denver Broncos and Walton-Penner family enter into purchase and sale agreement

By George Ramsay, CNN

Updated 1014 GMT (1814 HKT) June 8, 2022

Rob Walton heads a group hoping to purchase the Denver Broncos.

(CNN)The Denver Broncos and the Walton-Penner family have entered into a purchase and sale agreement to acquire the NFL team, it was announced on Tuesday.

The agreement to purchase the Broncos from the Pat Bowlen Trust is subject to approval from the NFL's finance committee and league ownership, as well as «the satisfaction of customary closing procedures,» according to a statement from the Broncos.The purchasing group is headed by Walmart heir Rob Walton, his daughter Carrie Walton Penner, and her husband Greg Penner, the chairman of Walmart. «I have enjoyed getting to know Rob Walton, Carrie Walton Penner and Greg Penner throughout this process,» said Broncos president and CEO Joe Ellis. «Learning more about their background and vision for the Denver Broncos, I am confident that their leadership and support will help this team achieve great things on and off the field.»Read MoreAccording to ESPN, the agreement is expected to be worth $4.65 billion — a record price tag for a North American sports franchise.The Denver Broncos face the Los Angeles Chargers at Empower Field at Mile High last November. READ: UK government and English Premier League approve sale of Chelsea FC to Todd Boehly«Carrie, Greg and I are inspired by the opportunity to steward this great organization in a vibrant community full of opportunity and passionate fans,» said Rob Walton on behalf of the purchasing group.«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.»Mellody Hobson, co-CEO