In 1984, Pat Bowlen paid $78 million for the Denver Broncos; 38 years later, his family sold the team for $4.65 billion
In 1984, Pat Bowlen paid $78 million for the Denver Broncos; 38 years later, his family sold the team for $4.65 billion
Paolo SongcoSun, November 1, 2026 at 5:47 AM UTC
0
Hall of Famer Pat Bowlen took control of the Denver Broncos in March 1984, at age 40. He paid $78 million.
Over more than three decades, Denver posted 21 winning seasons and 13 AFC West titles. Seven trips to the Super Bowl produced three championships.
His trust kept control of the team after he died in 2019. The trustees launched a sale on Feb. 1, 2022.
His family marked the moment in a statement:
“With today beginning the Broncos’ transition to new ownership, our family is overwhelmed with gratitude for what this organization and community have meant to us. There are truly no words to express our deep appreciation to all of Broncos Country for its unwavering support during the past four decades.”
Team president Joe Ellis said the trustees hoped to close before the 2022 season. At the time, the latest Forbes estimate put the team at $3.75 billion.
The bidding blew past that figure. Josh Harris and Mat Ishbia were among the other bidders chasing the team.
On June 7, 2022, the Broncos agreed to a $4.65 billion sale. Walmart heir Rob Walton led the buying group.
Advertisement
His daughter, Carrie Walton Penner, and her husband, Greg Penner, joined him. Ariel Investments co-CEO Mellody Hobson also came aboard.
At the time, no North American sports team had ever sold for more. No NFL buyer had previously paid even half that much.
Detailed view of the Denver Broncos helmetStephen Lew-Imagn Images
NFL owners approved the deal unanimously on Aug. 9, 2022.
“Pat Bowlen created an incredible legacy at the Broncos, and he leaves big shoes to fill,” Carrie Walton Penner said. “We look forward to continuing to build on that legacy.”
The final price came to nearly 60 times what Bowlen paid. In their February statement, the family’s farewell also recalled how Bowlen saw the franchise:
“Pat used to say the Broncos belonged to the fans and that ultimately this was their team. From the bottom of our hearts, thank you for this incredible ride. It has been the honor of our lifetime.”
Related: In 2010, the Golden State Warriors sold for $450 million to Joe Lacob and Peter Guber; the team is now valued at $13.5 billion
This story was originally published by Athlon on Nov 1, 2026, where it first appeared in the NFL section. Add Athlon as a Preferred Source by clicking here.
Source: “AOL Money”
