The Denver Broncos have entered into a sales deal with the Walton-Penner family ownership group, pending league approval of the deal, the NFL team announced late Tuesday.
The winning bid from Wal-Mart store heir Rob Walton, his daughter Carrie Penner and son-in-law Greg Penner as well as other investors was $4.65 billion, according to multiple reports.
That would be the largest sale price for any North American sports team.
The Pat Bowlen Trust's sale of the three-time Super Bowl champion club must be approved by the NFL finance committee and at least 24 of the league's 32 club owners.
"Today marks a significant step on the path to an exciting new chapter in Broncos history," Broncos president Joe Ellis said. "I'm confident that their leadership and support will help this team achieve great things on and off the field."
Pat Bowlen purchased the Broncos in 1984 and died in 2019. A trust bearing his name had owned the team since then.
"We are thrilled to be selected to move forward with the purchase of the Denver Broncos," Rob Walton said in a statement. "We look forward to earning the confidence and support of the NFL as we take the next step in this process."
The Broncos won their third Super Bowl crown in 2016 but haven't made the playoffs since. They went 7-10 last year for a fifth consecutive losing season.