Magic Johnson Joins Group Bidding For Broncos
The Broncos remain up for sale, and per Sportico, NBA Hall of Famer Magic Johnson has thrown his name into the hat.
Johnson is reportedly the newest member of the group led by 76ers co-owner Josh Harris, which have entered the bidding war. The total price to buy the Broncos is expected to be north of $4 billion, the record for highest price ever paid for a sports franchise. The Bowlen family, which owned the Broncos for 38 years, put the franchise up for sale after the 2021 season.
Johnson, 62, remains part-owner of the Dodgers under the Guggenheim Baseball Management group and the WNBA's Los Angeles Sparks. He contributed $50 million to the $2 billion bid to buy the Dodgers in 2012. Johnson is late to the party, with three of the five finalists announced just last month.
Among those is a group led by businessman Todd Boehly, who recently won the bid to purchase Chelsea F.C. of the English Premier League. Another and perhaps the stiffest competition to Johnson's group, is the bid from Walmart heir Rob Walton.
Broncos president and CEO Joe Ellis said earlier during the offseason that the team hopes to have the sale completed before the 2022 season.
"Selling an NFL team is a complex process involving numerous parties and league approval procedures," Ellis said. "Nonetheless, the trustees hope to have the sale completed by the start of the 2022 NFL season. The Broncos are a special franchise that is part of the fabric of this region, and whoever emerges as the new owner will certainly understand what the team means to our great fans and this community."
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