DENVER — No longer is a mere multi-billionaire rich enough to buy an NFL team.
People worth nearly $7 billion, as was Josh Harris' estimated personal net worth before he bought the Washington Commanders, needed anywhere from 14 to 24 investment partners to seal the deal for the NFL franchise last month.
With NFL franchise values soaring towards double-digit billions, which in turn shrinks the pool of potential buyers, NFL commissioner Roger Goodell has formed a who's who of owners to be part of a special committee to evaluate all aspects of ownership policies.
The Broncos' Greg Penner is among the Big Four ownership who will serve with this power group.
Also on the special committee is Atlanta's Arthur Blank, New England's Robert Kraft and Cleveland's Jimmy Haslam. Kansas City owner Clark Hunt, chairman of the league's finance committee, has been given an ex-officio role.
Although Penner has only been officially the Broncos' CEO and owner for 13 months, he continues to get more involved as a team and league owner. Besides this special ownership committee, he is also on the NFL's business venture committee.
His wife and Broncos' co-owner Carrie Walton Penner serves on the NFL Foundation and DEI committees.
Greg Penner's longstanding position as Walmart chairman and background as a financial analyst, capital investor and corporate executive makes him a logical member of the Goodell-appointed super committee.
In a memo Goodell sent to all 32 clubs (and obtained by 9NEWS), the commissioner wrote:
"We have created a new Special Committee that will address all aspects of ownership policy. Following the Denver and Washington transactions, the Finance Committee agreed that it would be appropriate to look at the full range of ownership policies, including permitted debt levels, minimum equity requirements and holding periods, eligible categories of investors, and expanding opportunities for more diverse ownership. The Special Committee will seek to complete its work in time for the 2024 Annual Meeting so that any recommendations it makes can be reviewed by the Finance Committee and the full membership in advance of another club sale.
"The Special Committee will consist of Arthur Blank, Jimmy Haslam, Robert Kraft, and Greg Penner. Finance Committee chairman Clark Hunt will serve as ex-officio."
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Franchise values have soared nearly four-fold the past 9 years:
- Terry and Kim Pegula bought the Buffalo Bills for $1.6 billion in 2014.
- David Tepper bought the Carolina Panthers for $2.275 billion in 2018.
- Then came the Walton-Penner family, who more than doubled franchise values by purchasing the Broncos from the Pat Bowlen estate for $4.65 billion in 2022.
- Last month, it took Harris, whose bid to buy the Broncos last year finished a distant second to the Walton-Penner group, and a conglomerate of investment partners to buy the Washington Commanders from Daniel Snyder for $6.05 billion.
The committee is expected to examine the league's longstanding 30 percent rule, the minimum amount an individual controlling owner must hold of the final purchase price. Should crown jewel franchises like the Cowboys, Giants or Bears ever go up for sale, they could easily command $10 billion-plus. Not many individuals can write a check for $3 billion.
Allowing institutional companies to buy an NFL franchise in the future may also be discussed.
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