USAT: Broncos Wire audio clip

USAT: Broncos Wire

Mar 7, 2022

The Denver Broncos are up for sale and the team is expected to go for $4 billion or more, setting a new record sale price for a sports franchise in the United States. - Even some of the billionaires planning to bid for the team wouldn’t be able to pay that much on their own, so many of the individuals interested in buying the team are teaming up with potential ownership groups. - The NFL is fine with ownership groups — many already exist in the league — but they have a new stipulation for parties interested in the Broncos. - Anyone bidding for Denver’s NFL franchise must have their financing in order at the time of bidding, according to a report from The Athletic‘s Daniel Kaplan (subscription required for link). - The Broncos’ auction-style sale will award the team to the highest bidder, and the NFL wants assurance that the winning (highest) bid will be able to promptly hand over the money. - This new stipulation will ensure that the league won’t miss out on a higher bid that’s not fully capitalized. When David Tepper purchased the Carolina Panthers in 2018, he did not make the highest bid, but the NFL chose him in part because his bid was fully capitalized. - The league is now aiming to prevent that from happening in the Broncos sale, hence the new rule of having funds available at bidding time. - More than two dozen individuals can co-own a team, but the league requires a majority owner/family to acquire at least 30% of the franchise, as has been pointed out by ProFootballTalk.com’s Mike Florio. - In a $4 billion sale, 30% would be $1.2 billion. Owners can also assume up to $1 billion in debt while purchasing a team, so the majority owner could hypothetically contribute $2.2 billion, with the remaining $1.8 billion coming from partner investors. - The team’s looming sale has attracted a growing list of potential bidders, with Peyton Manning and John Elway both interested in minority ownership. The Broncos hope to complete a sale before the 2022 NFL season begins. - Follow the Broncos Wire Podcast: - Apple Podcasts | Spotify | Google Podcasts - - - RelatedCryptocurrency group wants to buy the BroncosBroncos potential owner tracker: Who will buy the team?Will Peyton Manning's extension with ESPN impact potential ownership aspirations?Roger Goodell says NFL has encouraged Broncos to sell to a diverse ownerPat Bowlen's niece hopes for 'better front office leadership' and 'an owner that cares' - - List - - 17 Broncos players scheduled to become unrestricted free agents - - - - - - - - - - - - - - - - - - Email - - - - - Sign up - - - - - - - - Like this article? - Sign up for the Broncos Wire email newsletter to get our top stories in your inbox every morning - - - - An error has occured - - - Please re-enter your email address. - - - - - - Thanks for signing up! - - - You'll now receive the top Broncos Wire stories each day directly in your inbox.

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