Report: Magic Johnson joins group bidding for Broncos
Magic Johnson reportedly joined the group led by 76ers and Flyers owner Josh Harris bidding to purchase the Denver Broncos.
Sportico reported Thursday that Johnson would be part of Harris’ bid, with up to six others expected to be potential stakeholders.
Johnson, a member of the ownership group of the Los Angeles Dodgers and NBA legend, is one of many recognizable names who’ve decided to enter the high-stakes chase for the NFL franchise, which officially went on the block Feb. 1.
Harris is the controlling owner of the 76ers and the principal and managing owner of the Flyers. Harris co-founded Apollo Global Management, a worldwide investment firm, and is a general partner of English Premier League club Crystal Palace. In July 2021, his net worth was estimated at more than $7.5 billion by Bloomberg.
The competition is expected to be fierce to purchase the Broncos from the Pat Bowlen Family estate.
At the annual NFL meetings on March 26, Broncos president and CEO Joe Ellis said a new owner could be in place by the start of the season in September. While he couldn’t reveal names of any potential suitors, he said there was “really a significant amount of interest” and “a number of” very qualified buyers.
S. Robson “Rob” Walton is a frontrunner to buy the Broncos. Walton, 77, is the oldest son of Walmart founder Sam Walton and worth $70.8 billion, Forbes said. That net worth makes him the 19th-richest person in the world, per the publication.
In its annual valuation of NFL teams, Forbes in 2021 set the value of the Broncos at $3.75 billion, though the sale price is expected to exceed that amount.
–Field Level Media