Joshua Harris -- already the controlling owner of the Philadelphia 76ers and New Jersey Devils -- was reportedly willing to make a record-setting bid to acquire the Denver Broncos, but only under certain circumstances.
Mike Florio of Pro Football Talk reports that Harris, 57, was willing to bid $5 billion to buy the Broncos, but only if he knew that would ultimately be the winning bid for the team. Because those involved couldn't make such a guarantee to Harris -- who also owns an 18% stake in Crystal Palace F.C. -- the $5 billion bid was never actually made.
Instead, Rob Walton's group will take over as the ownership group for the Broncos after placing a $4.65 billion bid on the table. Walton, 77, is the oldest child of Walmart founder Sam Walton, and served as the chairman of the one-stop-shop retailer from 1992 until 2015.
The reality here, one that Harris appears to have been aware of, is that if Walton wanted the Broncos badly enough, he was going to get them. Walton alone is worth $58.3 billion, per Forbes. Harris is estimated to be worth $5.6 billion.
From a business perspective, bowing out to Walton actually made long-term sense for Harris. As is, the Broncos selling for $4.65 billion is a record, blowing by the $2.275 billion price that David Tepper paid for the Carolina Panthers in July of 2018. Harris, per Florio, has designs on eventually purchasing another NFL team, so at a certain point, he would have been bidding against his future self if he drove the price up for the Broncos, all while knowing that Walton had the financial wherewithal to top any offer put on the table.
One would think that Harris will be first in line for whatever the next team that comes available is, whether it's the Washington Commanders, Miami Dolphins or another franchise.
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