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Denver Broncos January 21, 2022.
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The Denver Broncos are expected to be sold. A potential bidder has emerged if that happens.
According to Michael McCarthy and A.J. Perez of Front Office Sports, billionaire investor Robert F. Smith could be interested in buying the team. Smith would be the first black owner in the 101-year history of the NFL if he completes the deal.
According to Forbes, Smith is the richest Black person in America with a net worth of $6 billion. Forbes valued the Broncos at $3.75 billion last year. A sale of $4 billion or more would be the most expensive team sale in US sports history.
Smith is a native of Denver and founded the company in 2000. He promised to pay off the student loan debts of over 400 students during his address at Morehouse College.
Smith was involved in a controversy. He was accused in 2020 of having over $200 million in unreported income and hiding assets in the British Virgin Islands and Switzerland. He avoided indictment by entering into a non-prosecution agreement.
The Patrick D. Bowlen Trust holds the rights to sell Denver if it is put up for sale. The trustees would have a fiduciary responsibility to the trust's beneficiaries to go with the highest bidder, pending approval from 24 of the NFL's 32 owners. Bowlen's children and brother are the beneficiaries.
John Elway, the Broncos president of operations, is interested in being a part of the new ownership group. Manning is a member of one of the groups. Brittany Bowlen, one of Bowlen's daughters, is preparing to bid on the team.
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