Walmart heir Rob Walton and his family have entered into a purchase and sale agreement for the takeover of the Denver Broncos.
The Walton-Penner family is reported to have made a bid worth $4.65bn (£3.71bn) for the NFL team.
That would be a record for an American sports franchise, topping the $3.2bn (£2.55bn) paid for the NBA’s Brooklyn Nets in 2019.
“We are thrilled to be selected to move forward,” Walton said in a statement.
The purchase now needs approval from the NFL’s finance committee and league ownership.
It would more than double the most recent sale of an NFL team, with the Carolina Panthers sold for $2.28bn (£1.81bn) in 2018.
The Walton-Penner ownership group, led by Walton, his daughter Carrie Walton Penner and her husband Greg Penner, will acquire the Broncos from the Pat Bowlen Trust.
Bowlen, who died aged 75 in 2019, acquired the franchise in 1984 and it won three Super Bowls during his ownership.
Forbes valued the Broncos at $3.75bn (£2.99bn) in 2021, 10th on the list of NFL franchise valuation.
According to Forbes, 77-year-old Walton has a net worth of $65bn (£51.8bn) and is the 19th-richest person in the world as heir to the fortune of Walmart, the American multinational retail corporation.
“I am confident that their leadership and support will help this team achieve great things on and off the field,” said Broncos chief executive and president Joe Ellis.
Denver made one of the most valuable trades in NFL history this off-season by signing quarterback Russell Wilson from the Seattle Seahawks.
They hope the 33-year-old will be the long-term successor to Peyton Manning, who retired after helping the Broncos win the Super Bowl in 2016.