Broncos Confirm The Franchise Has Reached A Sale Agreement With Billionaire Rob Walton

(CBS4) – The Denver Broncos have confirmed the franchise has reached a sale agreement with billionaire Robson Walton, the 77-year-old Walmart heir.

Walton is the oldest son of the late Walmart founder Sam Walton. He took over as chairman of the company upon his father's death in 1992 and retired from the role in 2015. His ownership team includes his daughter Carrie and her husband Greg Penner.

The team released a statement in which Broncos president and CEO Joe Ellis said in part "I've enjoyed getting to know Rob, Carrie and Greg throughout this process. .... Learning more about their background and vision for the Broncos. ... I'm confident that their leadership and support will help this team achieve great things on and off the field."

Walton said in a statement "We are thrilled to be selected to move forward with the purchase of the Broncos. Carrie, Greg and I are inspired by the opportunity to steward this great organization in a vibrant community full of opportunity and passionate fans."

Several "sports bankers" told Forbes earlier this week that the bid for the team was at about $4.5 billion.

Stan Kroenke, the owner of several sports franchises including the Denver Nuggets, Colorado Avalanche and Colorado Rapids, is married to Walton's cousin.

UPDATE: Waltons' Purchase Of The Broncos Is Most Expensive Deal For A Sports Franchise Ever