Rob Walton, the eldest son of Walmart Inc. founder Sam Walton, is planning a bid for the National Football League’s Denver Broncos, according to people familiar with the process.
A former chairman of the world’s largest retailer, Walton, 77, is the 17th-richest person on Earth with a net worth of $68.9 billion, according to the Bloomberg Billionaires Index.
A Walmart spokesman declined to comment, as did a spokesman for the Broncos. A representative for Madrone Capital Partners, the Menlo Park, California-based investment firm that manages part of Rob Walton’s fortune, didn’t immediately respond to requests for comment. An NFL team would be an unusually high-profile purchase for one of the Waltons, whose family has historically avoided flashy assets in keeping with patriarch Sam’s legendary thrift. The family’s vast fortune — estimated at more than $230 billion — is increasingly showing up though in investments in stocks, private equity and hedge funds.
In addition to Madrone, which was founded by Rob Walton’s son-in-law and current Walmart Chairman Greg Penner, the family deploys money through family office Walton Enterprises and WIT LLC, an investment firm with $4.5 billion in U.S. equities.If Rob Walton proceeds, he’ll join a crowded field that includes Clearlake Capital Group co-founders Behdad Eghbali and Jose Feliciano, and Feliciano’s wife Kwanza Jones. Josh Harris, co-founder of Apollo Global Management Inc.
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