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On the latest Sporticast episode, hosts Scott Soshnick and Eben Novy-Williams discuss some of the biggest sports business stories of the week, including the blockbuster sale of the Denver Broncos. Billionaire Rob Walton, one of the richest people in the world, reached an agreement this week to purchase the team for $4.6 billion, the highest total ever paid for a sports team.
Walton will be the richest owner in the NFL by a factor of three, and his deep pockets made the Broncos auction a bit tidier than it otherwise might have been. The other bidders, including groups led by Josh Harris and the Clearlake Capital co-founders, understood they were unlikely to win a bidding war against Walton. As a result, a deal was struck just 24 hours after second-round bids were due.
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The NFL has faced growing criticism in the last few years over the lack of diversity in its NFL ownership ranks. Walton’s group includes Mellody Hobson, co-CEO of Ariel Investments. Hobson, who is black, is the chair the Starbucks board and a JPMorgan Chase director.
The hosts also talk about the latest in the LIV Golf saga, with golfers facing tough questions and more big names reportedly ready to make the jump to the Saudi-backed circuit. They also discuss a Formula One movie, backed by Brad Pitt, Lewis Hamilton and Jerry Bruckheimer, coming soon to Apple.