The process of auctioning off the Denver Broncos franchise to new ownership is set to take another step forward, with the second round of bids due by prospective buyers due by the start of next week.
Currently owned by the Pat Bowlen Trust, the Denver Broncos remain up for sale with the bidding process taking the next step forward.
Originally, a series of initial bids by prospective buyers were made in late April (the 20th being the original due date for initial bids), and now reports from 9News’ Mike Klis are out that the next round of bids is required by next Monday, June 6th.
Klis also reports that the field has narrowed, with five initial bids now being whittled down to four remaining groups.
While each of these groups would feature some minority investors involved in each group, they are headlined by Rob Walton, the former chairman of Walmart, Josh Harris, a former NBA player who currently owns the Philadelphia 76ers (NBA) and New Jersey Devils (NHL), Mat Ishbia, a Michigan-based mortgage mogul and former Michigan State basketball player, and Jose Feliciano, one of the founders of Clearlake Capital Group.
Feliciano replaces Todd Boehly as the head of this group after Boehly recently secured an agreement to purchase Chelsea Football Club (U.K.) through Clearlake.
Nearly all reports suggest that Walton is currently the favorite to become the new controlling owner of the Broncos franchise, with many noting his massive financial advantage, holding an estimated net worth in the range of $70 billion.
And given that Pat Bowlen’s will stipulates that the team be awarded bidder, rather than as desired by the league office.
One additional step still to come, however, is the approval of any prospective owner by the other thirty-one NFL owners, who get a vote to approve the sale of a franchise to a new owner.
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Regardless of which group is ultimately awarded the franchise, it is clear that the process is heating up, with the timeline for the record-setting sale almost certainly to be wrapped up prior to the start of the Broncos’ 2022 season this fall. Stay tuned for more.