Former Secretary of State Condoleezza Rice joins Denver Broncos' new ownership group

Condoleezza Rice is joining the ownership group for the Denver Broncos.

Rice received both a bachelor's degree as well as her doctorate degree from the University of Denver when she lived in the city as a child.

In June, a group led by Walmart heir Rob Walton that included his daughter Carrie Walton Penner, her husband Greg Penner and chair of the board for Starbucks Corp., agreed to purchase the Broncos for $4.75 billion.

Former Secretary of State Condoleezza Rice has joined the ownership group. Secretary Rice is well known as a passionate and knowledgeable football fan who has worked to make the sport stronger and better. She was a member of the College Football Playoff Committee. She has a unique experience and judgment that will benefit the Broncos organization.

The sale of the team is under review by the NFL and must be approved by a full vote of the owners in the coming weeks. The sale needs at least twenty-four yes votes to be approved.

The sale was expected to take between 60 and 90 days to be approved.

Multiple sources say that the group that advanced to the second round of bidding for the team was the Walton-Penner group Pat Bowlen's ownership of the Broncos has resulted in three Super Bowl wins, making them one of the most successful teams in the Super Bowl era.

Current Broncos CEO Joe Ellis said that the new owner should be visible since the team was put up for sale.

The team's sale ended an eight-year odyssey since Bowlen stepped away from the day-to-day operations of the team he had owned for 30 years. Bowlen passed away in the year 2019.

When Bowlen stepped away from the team's day-to- day operations, he put his interest in the team in a trust overseen by Ellis, Broncos counsel Rich Slivka said.

A lawsuit between family members, harsh words and court dates coincide with a six-year streak of playoff misses. The last game the Broncos played was the Super Bowl 50 victory.

Five of the six major professional sports teams in Colorado will be owned by the same family. The Denver Nuggets, Colorado Avalanche, Colorado Rapids and Colorado Mammoth lacrosse teams are all owned by Stan Kroenke.