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Media tycoon Byron Allen is making a bid to purchase the Denver Broncos from the Bowlen Family Trust. Allen would become the first black majority owner of an NFL team should the sale of the Broncos go through.
Allen said he was approached by commissioner Roger Goodell and the New England Patriots owner Robert Kraft to seek ownership in the league:
“NFL commissioner Roger Goodell and New England Patriots owner Robert Kraft came to me in November of 2019 and asked me to take a good look at buying an NFL team.”
The media tycoon said that he can achieve positive changes in the NFL and that’s why he’s making a bid for the Broncos:
“And after serious consideration, I strongly believe I can effectuate positive changes throughout the league. And for that reason, I will be making a bid for the Denver Broncos.”
Denver was valued at $3.75 billion in 2021 per Forbes, but the asking price could reach $4 billion. In order to buy a majority interest of 30%, a $1.125 billion funding is needed and, according to league rules, a potential buyer cannot have in excess of $1 billion in debt.
After the passing of Broncos owner Pat Bowlen in June 2019, his kids allegedly fought over the estate and control of the franchise until an agreement was reached in January.
Who is Byron Allen?
Allen began his career as a standup comedian before hosting the long-running interview show "Kickin' it with Byron Allen" in 1992.
A year later, the he started his media empire with the creation of Allen Media Group/Entertainment Studios, a company with offices in New York, Chicago, Atlanta, and Raleigh.
Its broadcasting reach boasts 36 ABC-NBC-CBS-FOX network affiliate stations in 21 markets in the United States and twelve 24-hour HD television networks serving almost 180 million subscribers.
Last year, he purchased more than a dozen local broadcast stations, including 10 local stations in seven markets stripped from the Gray Television deal with Quincy Media. Allen received a star on the famed Hollywood Walk of Fame in October last year.
What Is Byron Allen’s Net Worth?
His net worth is calculated at $450 million. In his earnings model, he doesn't charge the networks extravagant fees for the rights of his shows, he gives them free of charge.
In exchange, Allen sold half of the show's accessible advertising time, exchanging lower prices for advertising time for a 30 plus million audience.
Allen's company holdings include a stake in regional sports networks previously held by Disney and ownership of The Weather Channel, which it bought in 2018.
Should he want to bid for the Broncos, he would need major investors and there could be a chance that he has some lined up.
Also Check Out: Denver Broncos Super Bowl Wins
