Denver Broncos Are Being Put Up For Sale By Pat Bowlen Trust

DENVER, CO — The Denver Broncos are officially being put up for sale.

The news was made public Tuesday on social media when Broncos CEO Joe Ellis announced the Pat Bowlen Trust had retained financial and legal advisers for "this transition of ownership."

According to DenverChannel.com, the team will be placed up for auction after the children of late owner Pat Bowlen could not agree on a successor. Bowlen purchased the team in 1984 and died in 2019 after a battle with Alzheimer's.

"Selling an NFL team is a complex process involving numerous parties and league approval procedures," Ellis said in his statement. "Nonetheless, the trustees hope to have the sale completed by the start of the 2022 NFL season."

Ellis called the Broncos a special franchise that is part of the fabric of the region.

"Whoever emerges as the new owner will certainly understand what the team means to our great fans and this community."

The Bowlen family also released a statement, thanking the fans for their "incredible ride" of being in charge of the team, a period during which the Broncos reached seven Super Bowls, winning three times. However, the team has not made the playoffs since winning it all in 2015.

"With today beginning the Broncos' transition to new ownership, our family is overwhelmed with gratitude for what this organization and community have meant to us. There are truly no words to express our deep appreciation to all of Broncos Country for its unwavering support during the past four decades," the Bowlen family said in its statement.

DenverChannel.com reported that the Broncos could sell for the highest price of any team in the history of U.S. sports. Bids are expected to top $4 billion, which would eclipse the current record sale of $3.3 billion paid for the Brooklyn Nets.

Anywhere from five to eight bidders are expected for the team, DenverChannel.com reported, with former Broncos quarterback and NFL Hall of Famer Peyton Manning rumored to be an investor in one of the interested groups.

According to DenverChannel.com, the earliest the sale could be approved is at the NFL Owners Meetings in March.

The Broncos went 7-10 in 2021, the team's fifth straight losing season, and head coach Vic Fangio was fired after the campaign. Last Thursday, the Broncos announced the hiring of Green Bay Packers offensive coordinator Nathaniel Hackett as its new head coach.