Condoleezza Rice joins Walton’s Broncos ownership group

The Denver Broncos announced Monday (July 11) that former Secretary of State Condoleezza Rice is now part of the team’s new ownership group led by Rob Walton, the oldest son of Walmart founders Sam and Helen Walton.

The ownership group includes Walmart chairman Greg Penner and his wife Carrie Walton Penner, Rob Walton’s only daughter. Mellody Hobson, co-CEO of Ariel Investments, board chair of the Starbucks Corp. and a director at JP Morgan Chase, is also part of the ownership group.

The Broncos announced the ownership transfer last month.

“We’re pleased to welcome former Secretary of State Condoleezza Rice to our ownership group,” Rob Walton said in a statement. “A highly respected public servant, accomplished academic and corporate leader, Secretary Rice is well known as a passionate and knowledgeable football fan who has worked to make the sport stronger and better.

“She is the daughter of a football coach and served on the inaugural College Football Playoff Committee. She moved to Denver with her family when she was 12 years old and went on to attend the University of Denver for both college and graduate school. Her unique experience and extraordinary judgment will be a great benefit to our group and the Broncos organization.”

Walton’s agreement to buy the NFL franchise for a reported $4.65 billion is subject to approval from the NFL’s finance committee and league ownership. The deal needs approval by at least 24 of the league’s 31 other owners. A vote is expected to take place this summer.