Byron Allen is preparing a bid to purchase the Denver Broncos

Byron Allen, the CEO of Allen Media Group, has emerged as a contender to purchase the Denver Broncos. He is preparing a bid to buy the 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,” Allen, chairman and chief executive officer at Allen Media Group, said in a statement in response to inquiries about his interest in the Broncos.

“And after serious consideration, I strongly believe I can effectuate positive changes throughout the league,” Allen said in a statement. “And for that reason, I will be making a bid for the Denver Broncos.”

Allen, 60, is a former comedian and television producer who got his start working with the likes of Jay Leno and David Letterman when he was just 14 years old. He has built a media empire that produces more than 30 programs that are syndicated nationally.

A quick google search suggests his net worth in the $400-500 million range, so the bid is likely to be part of an ownership group. The asking price for the Broncos could be has high as $4 billion and the NFL requires no more than $1 billion in debt for someone purchasing controlling interest in a franchise. A controlling interest is 30%.

As reported by Mike Ozanian of Forbes, and confirmed by PFT, the NFL has increased the debt limit from $500 million to $1 billion, for someone purchasing controlling interest in a franchise. (To get controlling interest, an owner must hold at least 30 percent of the team.)

A source with knowledge of the situation tells PFT that, in order to qualify for the higher debt ceiling, the purchaser must meet certain conditions and agree to certain timelines for getting the debt down to $500 million.

If the team sale goes through at the high end of that record number, then Allen would need to come up with $1.2 billion to reach that 30% mark. That means he could theoretically take on a large sum of debt with a few hundred million in cash to get there. The NFL has strict rules for this type of situation and the new owner would have meet certain conditions and certain timelines for getting the debt below $500 million. This would likely play out for any of the ownership groups that submit bids.

Well, Broncos Country, we have our first official intent to bid. What do you think? I’m personally excited. This whole process is exciting and really is a once in a lifetime event for most franchises.