The Broncos have narrowed their prospective owner list to five, according to Mike Klis of 9News, who adds the first of those groups — the one fronted by New Jersey Devils owner and Philadelphia 76ers managing partner Josh Harris — met with Broncos executives and bank and transaction lawyers Thursday.
Harris’ group is believed to now have a big name attached. Magic Johnson has joined the group, according to Sportico (on Twitter). This is interesting considering Johnson partners with another of the Broncos’ ownership candidates — Todd Boehly — in a consortium that owns the Los Angeles Dodgers.
The NBA icon and former Lakers president of basketball operations has a 2.3% stake in the Dodgers, making a $50MM investment. The Broncos are expected to be sold for more than $4.5 billion, which will shatter an American sports record. The NFL has sought minority representation in the next Broncos ownership group, though Harris’ contingent is not believed to be the favorites. Walmart chairman Rob Walton is believed to be the frontrunner, and Ian Rapoport of NFL.com notes his group and Boehly’s will visit soon (Twitter link). This process remains on track to be resolved before the season, RapSheet adds.
John Elway and Peyton Manning have been mentioned as interested parties, but Klis adds neither are expected to join a group until the bidding is settled. Elway remains interested in an advisory role with the eventual owner. The former Broncos GM currently serves as a consultant to successor George Paton.
A second round of bids has not yet taken place, per Klis. The highest bid must be accepted, with the winner then needing to be approved by three quarters of NFL owners. The last NFL sale ended with David Tepper‘s Panthers acquisition being approved by a 32-0 margin. Harris, 57, is well known in NFL circles, having bought the 5% stake in the Steelers that Tepper sold upon buying the Panthers.
It befuddles me that these folks don’t take their money and just live. Can you imagine having $50 million dollars, and feeling the need to turn it into more money?
How many of the world’s billionaires are people born with enough money to be rich forever and still dedicated their lives to making even more? It’s pretty grim. At least in Magic’s case, I can see the power in getting former athletes into the ownership suites.
Magic also has a lot more business acumen than a lot of these heirs.
And 99% of athletes. He must have had a team of financial advisors instead of an entourage.
Some people don’t like to just sit back and rest.
Plus, the value of sports franchises has exploded over the last 30 years. It’s a great investment, especially for someone who is already involved in sports and sports ownership like Magic.
@Darryl
i am not sure if you are being sarcastic or not. You do realize that most big companies rely on big money investors buying stocks/equity for capital so that they can employ more people, make improvements so that they can increase stock prices and company worth so that those investors make a return on those investments and continue to invest? Same is true for football or any major sport team just that it requires a large investment and approval since it is more a private investment. Could be big money ala the guy that sold the marlins or lose your entire bet ala the xfl investors / owners.
Heck even us low wage workers do it when we can as we invest into our 401k which we hope to be stable and can use for retirement.
Better Magic than a Walton.
The NFL would be wise to add someone with elite business savvy like Rob Walton.
He…uh…was smart enough to not die before Sam.
Luckily, we have basically eliminated estate taxes so this guy who has never done a thing in his life can afford an NFL team instead of wasting that money on roads or school kids.
Saw this dude “re-develop” the old Capitol Center Arena where the NBA Wizards and NHL Caps used to play, It turned into a gang war zone and ultimately that area was re-developed into the standard apartment/affordable housing nonsense.
He also successfully helped usher movie theaters and other big businesses into black neighborhoods that were being underserved. He’s had a lot more successes than failures.
I haven’t been to capital one since Covid so I have no clue what it is like. Going there sometime this year tho
“We don’t want someone in our ownership clique that can give us $4.5 billion.” said no one ever.
Can’t believe the NFL will allow another Walton family member to own a team after the way Stan Kroenke treated.the people if St Louis and Missouri. Kroenke married into the Walton family… The play for the Walton’s is far more about business than owning a sports team…
I don’t care who gets them. Just as long as they hire good football people to run the team and stay out of football business. Broncos do not need a Snyder or Jerry Jones type.