Thursday, March 28, 2024

Can Billionaire Robert F. Smith Win the Bid for Denver Broncos? | VIDEO

Robert F Smith - GettyImages
Robert F Smith – GettyImages

*Billionaire Robert F. Smith, a native of Denver, might just become the first Black owner of an NFL franchise in the 101 years history of the NFL. He is currently one of the leading bidders for the Denver Broncos, according to a report by Front Office Sports. The sale of the Broncos could net in a whopping $4 billion or even more. That alone would break the record as the wealthiest team sale in the history of U.S. sports.

Smith founded Vista Equity Partners in 2000. He still serves as its chairman and CEO. The company had assets worth $86 billion as of last September.

According to Forbes, the 59-year-old philanthropist and entrepreneur is worth around $6.7Billion, making him the richest Black American. Other bidders Smith is competing with include Amazon founder Jeff Bezos, John Elway, Peyton Manning, and Brittany Bowlen, who is one of the daughters of the late Pat Bowlen, who was the owner of the Broncos.

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Smith may not have the name recognition that stars as Jeff Bezos have, but the Black billionaire is known to put his money where his mouth is. He once made headlines when he pledged to pay off all loan debts of over 400 graduating students at Morehouse College during a 2019 commencement address. Whether it was a slip of the tongue or not, he kept his promise, ending up $34 million poorer.

Where possible, Smith usually avoids the limelight. If you exclude Bezos, Smith probably has more ready cash than Manning, Jay-Z, and Elway put together. Jay-Z has also privately expressed an interest in buying an NFL team. Anyone who is going to buy the NFL team will need $1.2 billion cash on hand if it is selling at $4 billion because the NFL requires that the principal owners first present not less than 30% of the purchase price in cash.

With other reports indicating Bezos is not interested, Smith could be the man of the moment.

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