Media mogul Byron Allen has his roots in comedy, but his latest move is no laughing matter.
In an interview with Bloomberg, the 60-year-old entrepreneur revealed that he wants to buy the Denver Broncos.
“After serious consideration, I strongly believe I can effectuate positive changes throughout the league,” Allen said. “And for that reason, I will be making a bid for the Denver Broncos.”
This idea started simmering back in 2019 when, according to Allen, NFL commissioner Roger Goodell and New England Patriots owner Robert Kraft approached him about the idea of owning a team.
“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,” said Allen, the chairman and chief executive officer at Allen Media Group, in a statement.
Wanting to purchase an NFL team and actually doing it are two vastly different things.
With the Broncos estimated to fetch a purchase price of $4 billion, Allen would have to come up with 30% ($1.2 billion) by himself and that cannot be financed according to NFL rules. If he were able to do that, then he would need the approval of 75% of the owners (24 out of 32).
While Allen’s worth is definitely in the hundreds of millions, some are saying that he doesn’t have the kind of money required to purchase an NFL team.
This is in contrast to the rumor that billionaire Robert F. Smith might be a suitor in the race to buy the Broncos.
Smith, the richest African-American in the country, is worth an estimated $6.7 billion and has the money necessary for the 30% downpayment.
Could Allen make this a reality?
According to Bloomberg, he would be backed by a group of investors in the entertainment, sports and Wall Street communities.
With Byron Allen entering the discussion around team ownership, that means that there are two possible Black men who could become NFL team owners. And while Smith, a Denver native, hasn’t officially declared an interest in buying the team, the thought of not one but two Black individuals in the mix of NFL team ownership is inspiring.
