It takes quite a bit of capital to buy an American sports team, and the impending sale of the Denver Broncos proves that point.
According to ESPN's Jeff Legwold, the Broncos entered a sale agreement Tuesday with the Walton-Penner family ownership group for $4.65 billion. The sale is subject to review by the NFL's finance committee, and 24 league owners need to vote yes for the transaction to be approved.
The Walton-Penner group includes Rob Walton, his daughter Carrie Walton Penner and her husband Greg Penner. The ownership group also includes Mellody Hobson, co-CEO of Ariel Investments, chair of the board of the Starbucks Corp.