Magic Johnson Reportedly Joining 76ers' Josh Harris in Bid for Broncos Ownership

Magic Johnson is in the running to purchase the Denver Broncos.

A group led by Philadelphia 76ers co-owner Josh Harris is bidding for the franchise.

The Broncos were put up for sale by the Pat Bowlen Trust. The franchise was owned by Bowlen for 35 years before he died in June 2019.

The vetting process is underway after the first bids were made, according to CNBC's Jabari Young.

The Broncos could be sold for a record $4 billion, and a former Walmart chairman is seen as a strong contender to buy them.

The New York Mets have the highest sale price for a US sports franchise. The organization was purchased by Steve Cohen in 2020.

Harris and David co-founded a sports entertainment company. They are minority owners of the 76ers. They purchased a small stake of less than five percent in the Pittsburgh Steelers in 2020.

The Los Angeles Dodgers were purchased by a group of investors. He is a co-owner of the Los Angeles Football Club in Major League Soccer.

According to Forbes, the Broncos are worth almost $4 billion, making them the 10th-most valuable team in the league. They have missed the playoffs in each of the past six seasons and have finished last in the West in each of the past two years.

The acquisition of Russell Wilson to play quarterback is expected to bring the Broncos back to prominence.

Bowlen's Trust said in a statement that it hopes to have a deal done before the start of the next football season.