If completed the sale agreement would be a record purchase for a North American sports franchise

The Walton-Penner family ownership group and the Denver Broncos have entered a sale agreement which was confirmed on Tuesday night. The current agreement for the sale of the team is $4.65bn.

The group is headed by Walmart's heir Rob Walton; his daughter, Carrie Walton Penner; and her husband, Greg Penner. It will also includes Mellody Hobson, co-CEO of Ariel Investments as well as chair of the board of the Starbucks Corp. and a director at JP Morgan Chase.

Broncos CEO Joe Ellis said: "Today marks a significant step on the path to an exciting new chapter in Broncos history."

From here, the agreement will be reviewed by the NFL's finance committee and must be approved by a full vote of NFL owners. For the sale to be approved, twenty-four of these NFL owners need to vote yes. 

It's expected that the sale will take 60 to 90 days to be completed and no delays are expected. This means, by the start of the 2022 NFL season, the Broncos should be under new ownership.

In a statement, Walton said: "We are thrilled to be selected to move forward with the purchase of the Denver Broncos! Carrie, Greg and I are inspired by the opportunity to steward this great organization in a vibrant community full of opportunity and passionate fans."

Walton continued: "Having lived and worked in Colorado, we've always admired the Broncos. Our enthusiasm has only grown as we've learned more about the team, staff and Broncos Country over the last few months."

According to multiple sources, the Walton-Penner group was one of just four groups that advanced to the second round of bidding. Forbes estimated Walton's net worth at $59bn, if purchased the sale would mark a record sale for a North American sports team. 

Not long ago, a group led by Todd Boehly, who is a part-owner of the Los Angeles Dodgers and Los Angeles Lakers purchased Chelsea F.C in the English Premier League for over $5bn.