Mellody Hobson is set to join a small group of Black women who have an equity stake in a National Football League (NFL) team.
Most recently, Hobson managed to put her bid in to purchase the Denver Broncos thanks to a partnership with an ownership group.
Details On The Broncos' Sale Agreement
Per reports from ESPN, the group is led by Walmart heir Rob Walton and includes Hobson, who is also the co-CEO of Ariel Investments — a mutual fund group with a short-term focus on uncovering mispriced companies with values that are sure to be realized over time.
At age 53, Hobson is considered to be one of the most powerful executives in the nation. When she isn’t co-leading Ariel along with co-CEO John W. Rogers Jr., Hobson sits on the Starbucks Corp.’s board of directors as the chair, as well as the board of financial services giant JP Morgan Chase.
The Path To Ownership
Although the percentage that Hobson would own has yet to be determined, the sale price hints that even owning a small part of the team would be very fruitful.
Per reports, the Walton group has agreed to a sale agreement in the amount of a whopping $4.65 billion. The deal would break a record as one of the highest prices paid for a North American sports franchise.
“Today marks a significant step on the path of an exciting new chapter in Broncos history,” said the team’s CEO, Joe Ellis, in an official statement of the news.
Sealing The Deal
It could take anywhere between 60 and 90 days for the sale to reach its final stages of approval in order to seal the deal.
As previously reported by AfroTech, there has been lots of buzz around the next owner of the Broncos. From Magic Johnson to Jay-Z, folks have been placing their bids, but ultimately it looks like a Black woman is set to seal the deal.
The agreement is currently subject to review by the NFL’s finance committee and requires approval by a full vote of NFL owners. A total of 24 yes votes are required for final approval.
