Report: Adam Schefter provides latest update on Broncos' record-breaking NFL sale

The sale of the Denver Broncos is moving forward, and second round bids are expected to be submitted later today, according to NFL Network's lead sportswriter Adam Schefter. He added that, despite speculation, at this juncture, there is no preferred bidder.

Schefter, who is usually a reliable source, has many links to the Denver area. He previously worked for the Denver Post, so his information should be sound. His assertion that a favorite to purchase the franchise is yet to emerge is interesting because rumors have been swirling that Walmart heir Rob Walton is expected to win with a bid of around $4.5 billion. But Schefter appears to have poured cold water on that idea, for the moment.

Denver Broncos' current ownership

The fight for ownership of the Denver Broncos is worthy of its own Netflix series becasue, over the years, various members of the Bowlen family have staked their claim on the franchise. The team found themselves in that position after the death of respected owner Pat Bowlen.

After purchasing the team in 1984 from Edger Kaiser Jr. for a record $70 million, Bowlen oversaw a period of unprecedented success as they won the Super Bowl on three occasions from 1997-2015. In 2014, due to failing health as a result of a long-running battle with Alzheimer's, Bowlen made the decision to place ownership of the Broncos in a trust.

Bowlen gave his express wish that a new owner be found from within the family, and placed his faith in the three-member group to carry out his wishes. Unfortunately, they did not succeed.

Part of the reason for this has been the years of infighting between Bowlen's children. This has seen multiple legal actions taken, and even attempts to challenge the validity of the trust. They dismissed a claim for ownership from Beth Bowlen Wallace, Pat's second oldest child, deeming her unqualified for the role, as Pat had placed certain paramitters in place for any future owner.

Finally, in 2019, not long after Pat's death, the trust settled on the next Broncos owner when they put forward Brittney Bowlen as their choice. The only issue was that all of Pat's children were now minority owners following his death.

With the trust and the Bowlen family unable to arrive at a compromise, the decision was made to place the team up for sale. The team will not remain under the stewardship of the Bowlen family, as Pat had requested, and the Broncos will, once again, become the most expensive sports franchise in America.