DENVER (KDVR) — Byron Allen, the owner of Allen Media Group, is reportedly making a bid to buy the Denver Broncos from the Bowlen Family Trust.
Bloomberg News was the first to report the potential bid, citing a statement from Allen in which he said he could use the position to positively change the league.
If the sale goes through, Allen would become the first Black majority owner of an NFL team.
The league is currently being sued by former Miami Dolphins coach Brian Flores for racist hiring practices. In the lawsuit, Flores specifically references an interview he had with John Elway and other members of the Broncos front office.
Forbes valued the team at $3.75 billion in 2021. The NFL requires the controlling interest to hold 30% of the team’s value, meaning a $1.125 billion investment.
According to online reports, Allen has a net worth of about $450 million.
The Broncos were officially put up for sale a week ago after years of legal maneuvering between Pat Bowlen’s children following his death in 2019. A settlement was reached between the children in January, and shortly thereafter.