The Denver Broncos have entered a sale agreement with the Walton-Penner family ownership group, the sides announced Tuesday night.
Terms of the agreement, which will transfer the franchise from the Pat Bowlen Trust to the group led by Walmart heir Rob Walton, were not announced. However, a source told ESPN, confirming multiple reports, that the agreed-to price is $4.65 billion, a record for a North American team.
The NFL's finance committee and the league's owners will need to approve the sale. Twenty-four yes votes from owners are needed for approval.
"Today marks a significant step on the path to an exciting new chapter in Broncos history," team president and CEO Joe Ellis said in a statement.