The NFL has been bashed for its horrendous hiring practices as it relates to Black head coaches, especially as that number currently stands at one, Pittsburgh’s Mike Tomlin.
The league has had Black coaches and general managers, but the one thing it has always lacked is a Black owner.
If the latest rumblings are true, that could change this year.
According to Front Office Sports who first reported the story, if the Denver Broncos go up for sale, billionaire investor and philanthropist Robert F. Smith could buy the team and become the first Black owner in NFL history.
Smith made headlines in 2019 when he pledged to pay off student loan debts of approximately 400 students at Morehouse College, an act that cost him $34 million.
He’s the founder of Vista Equity Partners, a leading global technology investment firm with $86 billion in assets under management. Smith is also a Denver native, which brings even more synergy to the possible acquisition.
Smith, 59, is worth an estimated $6.7 billion, making him the richest Black person in America.
The Broncos could fetch an estimated $4 billion, which would make it, according to FOS’ story, the “richest team sale in U.S. history.”
But having the money doesn’t guarantee Smith the winning bid if the team goes up for sale. There are other interested parties including Brittany Bowlen (daughter of late Broncos owner Pat Bowlen) and groups involving Peyton Manning and John Elway.
Whoever bids on the team, assuming the price tag is $4 billion, must come up with at least $1.3 billion as the NFL requires principal owners to fund at least 30% of the purchase price in cash. In addition, he would need the approval of 75% of the owners (24 of the 32 owners).
So while nothing is guaranteed, it’s exciting to know that Black ownership, the longest-tenured frustration in the NFL, could finally become a reality.
We’ll be following this story closely.
To read Front Office Sports’ full story, click here.
