The Denver Broncos are officially up for sale.
In a statement released Tuesday, chief executive officer Joe Ellis said he hopes to have new ownership in place by the start of next season.
Forbes valued the franchise at $3.75 billion ahead of the 2021 campaign.
“The Pat Bowlen Trust announced today the beginning of a sale process for the Denver Broncos,” Ellis said. “… Selling an NFL team is a complex process involving numerous parties and league approval procedures. Nonetheless, the trustees hope to have the sale completed by the start of the 2022 NFL season.
“The Broncos are a special franchise that is part of the fabric of this region, and whoever emerges as the new owner will certainly understand what the team means to our great fans and this community.”
Bowlen, who purchased the team in 1984, passed away in 2019 from Alzheimer’s complications.
The sale announcement was not unexpected. The team has been enmeshed in lawsuits involving Bowlen’s heirs and selling the franchise emerged as perhaps the best solution for all parties.
The Broncos released a statement from the Bowlen family on Tuesday thanking the players, coaches and employees for their “countless sacrifices and dedication” and acknowledging the fans “for this incredible ride.”
“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,” the family said. “There are truly no words to express our deep appreciation to all of Broncos Country for its unwavering support during the past four decades.”
–Field Level Media
