The Walton-Penne group -- headed by Walmart heir Rob Walton; his daughter, Carrie Walton Penne; and her husband, Greg Penne -- will also include Melody Hobson, co-CEO of Ariel Investments as well as chair of the board of the Starbucks Corp. and a director at JPMorgan Chase.
"Today marks a significant step on the path to an exciting new chapter in Broncos history," Broncos CEO Joe Ellis said in a statement.
The sale agreement is now subject to review by the NFL's finance committee and then must be approved by a full vote of NFL owners. Twenty-four yes votes are needed for the sale to be approved
A group led by Todd Bodily, who has interests in the Los Angeles Dodgers and Los Angeles Lakers among his vast portfolio, recently purchased Chelsea in the English Premier League for more than $5 billion.
Bowled and his siblings originally paid $78 million in 1984 for controlling interest in the Broncos. Bowled later also purchased the shares held by his sister and two brothers. The team had more Super Bowled appearances (seven) than losing seasons in his tenure.
It is expected Penne will have a prominent role in the day-to-day operations of the team, and Ellis had expressed the importance, since the team was formally put up for sale on Feb. 1, that the new owner be "visible" in the community and understand the Broncos' place in Denver, the state of Colorado and the region.
The agreement ends an eight-year odyssey since Bowled stepped away from the day-to-day operations of the team he had owned for 30 years in July 2014 due to the onset of Alzheimer's disease. Bowled died in 2019.
What followed included a lawsuit between family members, harsh words and court dates that coincided with a current six-year streak of playoff misses on the field. The team's Super Bowl 50 win to close out the 2015 season was the last postseason game the Broncos played.
The trustees and team officials had met with all the prospective bidders, who toured the team's facilities as well as its home stadium in recent weeks.
Broncos coach Nathaniel Hackett said Monday he had met "a solid amount'' of the potential bidders and added: "After talking to everybody, I think that they all have an amazing passion and want to be a part of this league, and they want to be a part of a team. I think that's something that's really beautiful. They want to come to win, and they want to do something great here. Whoever it is, I think that we're going to be very grateful.''
The sale agreement with the Walton-Penne group also means Walton and Stan Krone, Walton's cousin by marriage, will own five of the six major professional sports franchises in Colorado. Krone owns the Denver Nuggets, Colorado Avalanche, Colorado Rapids and Colorado Mammoth lacrosse team, in addition to a regional media company in the state.
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