Group buying Denver Broncos discussing advisory role, ownership stake with Peyton Manning, sources say

The new Denver Broncos ownership group, which agreed to buy the team earlier this week, has had conversations with Peyton Manning about taking on an advisory role that eventually could see the former quarterback receiving equity in the franchise, sources told ESPN's Adam Schefter on Thursday.

The Broncos and the Walton-Penner family ownership group entered a sale agreement Tuesday, with sources confirming to ESPN a $4.65 billion price tag for the franchise.

Now, Manning, who won a Super Bowl while playing his final four NFL seasons with the Broncos, could be making a formal return to the team. He has been attending most Broncos home games as a fan and was inducted into the team's ring of fame last season.

The sale agreement to the Walton-Penner group — headed by Walmart heir Rob Walton; his daughter, Carrie Walton Penner; and her husband, Greg Penner — is subject to review by the NFL's finance committee and must be approved by a full vote of NFL owners. Twenty-four yes votes are needed for the sale to be approved.

It is expected to take 60 to 90 days for the sale to be approved and the deal to be closed; no issues are expected, a source told Schefter on Tuesday.

Manning played four seasons with the Broncos (2012-15) after signing in free agency. With them, he won 45 regular-season games and four AFC West titles and went to two Super Bowls, winning Super Bowl 50 in his final NFL game. Manning was enshrined in the Pro Football Hall of Fame's Class of 2021.

The Broncos have not made the playoffs since that Super Bowl victory.

Information from ESPN's Jeff Legwold was used in this report.