Media Mogul Byron Allen Preparing A Bid For The Denver Broncos
DENVER (CBS4) - Media mogul and former comedian Byron Allen is preparing a bid for the Denver Broncos, a spokesperson for his company confirms to CBS4. Allen would be the first Black majority owner of a National Football League team, if his bid is successful.
Allen's interest in the team was first reported by Bloomberg. The current chairman and CEO of Allen Media Group, a Los Angeles based entertainment company, is among the first people to publicly express interest in purchasing the franchise since President and CEO Joe Ellis announced the Pat Bowlen Trust was beginning the sale process.
"NFL commissioner Roger Goodell and New England Patriots owner Robert Kraft came to me in November of 2019 and asked me to take a good look at buying an NFL team," Allen said in a statement to Bloomberg.com.
"And after serious consideration, I strongly believe I can help effectuate positive changes throughout the league," Allen went on to say. "And for that reason, I will be making a bid for the Denver Broncos."
According to Bloomberg, Allen, 60, is working on putting together an ownership group, which could include investors from Wall Street, Hollywood, sports, and business. The NFL requires one person of any investor group to own at least 30% of the team. In 2021, Forbes valued the franchise at $3.75 billion.
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The Broncos have retained boutique investment bank Allen & Company, as well as law firm Proskauer Rose LLP to help Facilite the sale process. Allen & Company played a similar role in the 2018 sale of the Carolina Panthers, as well as several other recent sales in pro sports.
Before becoming a television producer and founding his entertainment company, Allen was a comedian who appeared on NBC's Tonight Show Starring Johnny Carson. Allen Media Group, also known as Entertainment Studios, operates a group of cable and satellite channels, including the Weather Channel.
In 2019, he formed Allen Media Broadcasting and has acquired broadcast stations around the country. In 2020, Variety reported the mogul made a bid for Tegna, the largest group owner of NBC-affiliated stations.
The Broncos have been owned by Pat Bowlen or the Pat Bowlen Trust for 38 years. The trust has a responsibility to choose the best and highest bid, but three-fourths of the 31 other team owners will have to approve the purchase.