NFL's Denver Broncos for sale; price will likely set record for any North American sports franchise

ENGLEWOOD, Colo. — The Denver Broncos are officially up for sale in what will likely have biggest price tag in North American sports history.

The sale was announced Tuesday by the Pat Bowlen Trust, which has operated the team since Bowlen stepped away from day-to-day operations of the team in 2014 due to the early onset of Alzheimer's disease. The team is valued at just under $4 billion.

Joseph Tsai paid a total of $2.35 billion — $1 billion for a 49% stake in 2017 and the additional $1.35 billion for the other 51% in 2019 — for the NBA's Brooklyn Nets and that is the highest price paid for a North American sports franchise.

The last NFL franchise to be sold was the Carolina Panthers, who were purchased in 2018 by David Tepper for $2.275 billion.

In a statement, Broncos CEO Joe Ellis said: «The Pat Bowlen Trust announced today the beginning of a sale process for the Denver Broncos. We have retained Steve Greenberg of Allen & Company as our financial advisor and Joe Leccese of Proskauer Rose LLP as our legal advisor for this transition of ownership.

»Selling an NFL team is a complex process involving numerous parties and league approval procedures. Nonetheless, the trustees hope to have the sale completed by the start of the 2022 NFL season.

«The Broncos are a special franchise that is part of the fabric of this region, and whoever emerges as the new owner will certainly understand what the team means to our great fans and this community.»

The Bowlen family also released a lengthy statement that said in part: «When Pat Bowlen purchased the Denver Broncos in 1984 with the help of his siblings — John, Bill and Marybeth — he set out with the goal of being No. 1 in everything. Over the past 38 seasons, his vision enabled the