Sunday, July 3, 2022

Walmart Tycoon Expected to Outbid Billionaire Robert F. Smith for Broncos

Rob Walton
Rob Walton (Photo by Rick T. Wilking/Getty Images)

*Walmart tycoon Rob Walton is expected to outbid billionaire Robert F. Smith to buy the Denver Broncos. 

According to Forbes, Walton, 77, is worth more than $70 billion. He is expected to submit a bid worth more than $4 billion on Friday. Per the New York Post, the bid is “the highest price ever paid for a professional sports team, according to sources close to the situation.”

Meanwhile, private-equity tycoon Robert F. Smith — the nation’s richest African American — could potentially become the NFL’s first Black team owner as he has reportedly expressed interest in acquiring the team. It’s unclear, however, if he will submit an offer to buy to Broncos.

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Robert F. Smith
Robert F. Smith / Reuters

In 2019, Smith reportedly spent $34 million to pay off the student loan debt for the entire graduating class of Morehouse College. 

According to reports, Smith has been courted aggressively by the NFL, including Commissioner Roger Goodell and Patriots owner Robert Kraft, to buy the Denver Broncos. The push comes amid controversy and a class-action lawsuit accusing the league of racism and discrimination. 

We previously reported that former head coach for Miami, Brian Flores, is taking legal action against the NFL, the New York Giants, the Denver Broncos, and the Dolphins, claiming their hiring practices are rooted in racism.

Per ESPN, in an amended complaint, Flores’ attorneys allege that the NFL retaliated against him as he was not considered for a head coach position with the Houston Texans due to his lawsuit. The complaint also details Flores’ previous allegations that Dolphins owner Stephen Ross offered him $100,000 per loss during the 2019 season.

Meanwhile, the Broncos set Friday as the deadline for opening bids. Only offers that are for more than $4 billion will be accepted, per The Post. The final sale could be closer to $5 billion, sources told the publication.

Apollo Global Management co-founder Josh Harris, who owns the Philadelphia 76ers, is also expected to make an offer for the Broncos.

Ny MaGee
Ny MaGee is an entertainment reporter with over 15 years of experience working in the film industry in areas including production and post-production, marketing, distribution, and acquisitions. She has worked for legendary film producer Roger Corman, Quentin Tarantino's production team at Miramax, the late Larry Flynt, MTV/ VH1, Hallmark Channel, Paramount, Jim Henson Co., Parade Magazine, and various LA-based companies representing above-the-line talent.

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