The Broncos' ownership search will reach a critical stage Monday afternoon when four groups are expected to submit second-round bids to purchase the franchise, a source confirmed.
Over the past month, representatives from the groups have traveled to the Denver area to meet with Broncos executives and tour the team's facility and Empower Field at Mile High.
Forbes reported this morning that bankers believe Rob Walton will have the winning bid of $4.5 billion although that is complete speculation/projection since the bids have not been submitted yet.
A source said in early May that once the second round of proposals are submitted, it is possible a new owner would be selected or two groups would advance to a next round.
It remains certain the Broncos' eventual sale price will be a record for an American pro sports franchise.
The Broncos, on sale for the first time since Pat Bowlen bought the team in 1984, are expected to command at least $4 billion and potentially $4.5 billion. The current record for an NFL team is $2.275 billion for the Carolina Panthers.
Once a winning bid is selected for the Broncos, they must meet with the NFL's Finance Committee. If they approve the candidacy, it moves onto the entire ownership group and 24 teams must vote "yes" for approval.
The four groups are headed by Walton, Josh Harris, Mat Ishbia and Jose Feliciano/Behdad Eghbali, a source confirmed.
Walton, 77, had an estimated worth of $62 billion (No. 18 in the world) according to the Bloomberg Billionaires Index. His late father, Sam, was the co-founder of Walmart.
Rob was graduated from Arkansas (1966) and Columbia Law School ('69) and joined Conner & Winters, the Tulsa, Okla.-based law firm that represented Walmart. He joined the family business in 1978 and was named vice chairman four years later. In 1992, he was named chairman of the board of directions after his father's death.
In 2015, Walton stepped down and was succeeded by his son-in-law, Greg Penner, who was previously the vice-chairman. It is unknown if Penner, 52, would have a prominent role in running the Broncos should the Walton bid win.
Rob Walton is related to Stan Kroenke, owner of the Avalanche, Nuggets, Rapids and Los Angeles Rams, through marriage. Kroenke's wife, Ann, is Walton's cousin.
Harris co-founded the investment firm Apollo Global Management with Leon Black and Marc Rowan in 1990. He entered professional sports in 2011 when he, David Blitzer and several investors won a $280 million bid for the Philadelphia 76ers.
In 2013, Harris and Blitzer purchased the New Jersey Devils for a price that was reportedly more than $320 million.
Harris is listed as managing partner of the 76ers, part of the HBSE (Harris Blitzer Sports & Entertainment) platform. Harris is also a general partner of the Crystal Palace soccer team in London and a minority owner of the Pittsburgh Steelers. He would have to sell his shares in the Steelers to buy the Broncos.
Ishbia, 42, is president and CEO of the Michigan-based mortgage lender United Wholesale Mortgage, which was founded by his father in 1986. According to Forbes, Mat Ishbia's net worth is $4.5 billion and he owns a 71% stake in the company. His brother, Justin, owns a 22% stake in UMW and is the founder of a private equity firm, Shore Capital Partners.
Mat Ishbia was a four-year member of the Michigan State basketball team and then spent a season working for coach Tom Izzo. He has become a major donor to his alma mater's athletic department, including $32 million for a football facility and naming the basketball court after Izzo.
According to Mat Ishbia's bio, UWM employed 12 people when he joined the company and it has grown to more than 9,000 employees.
Feliciano, 49, grew up in Puerto Rico and only applied to Princeton after being recommended by a friend. He gained admission and headed to the United States. After graduating with an engineering degree, he was drawn to finance by his college roommate. Feliciano worked at Goldman Sachs and was introduced to Denver native Robert Smith, who remains a friend.
Feliciano, who later earned his MBA from Stanford, co-founded Clearlake Capital with Behdad Eghbali in 2006. According to Forbes, the company oversees $43 billion in assets.
Eghbali co-founded Clearlake with Feliciano and serves as the managing partner.
When the Broncos were put on the market Feb. 1, president/CEO Joe Ellis announced that Allen & Co., and Prosakuer Rose LLP would serve as the financial and legal advisors, respectively, in seeking a new owner.
The firms vetted several interested parties and identified 10 groups/individuals who were allowed to make an official bid.
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