Two of the NFL’s most popular franchises are looking at extended transition periods thanks to senior leadership changes.

The Denver Broncos have shifted controlling ownership of the team from Walmart heir Rob Walton — who led last year’s then-record $4.65 billion purchase of the team — to son-in-law and CEO Greg Penner. The shift brings the ownership structure more in line with its day-to-day management, as Penner has been leading franchise operations. 

NFL bylaws require that each team have a designated controlling owner, with that person owning at least 30%. In giving Penner that designation, some of Walton’s shares have been transferred to Penner’s four children. 

The Broncos’ new era is off to a rocky start on the field. The team finished 5-12 last year, a sixth-straight losing season, and are 1-4 this year. The Broncos face another difficult matchup Thursday night against Kansas City, which has defeated Denver in 15 straight games dating to 2015.

Buffalo Turmoil

Buffalo Bills owner Terry Pegula has fired both COO John Roth and Kathryn D’Angelo, the team’s senior vice president of business operations. Roth and D’Angelo were reportedly in a romantic relationship, creating an ethics issue, as Roth was D’Angelo’s superior in leading the business operations of both the Bills and NHL’s Buffalo Sabres.

Roth had taken that role less than two months ago when Pegula restructured both the Bills and Sabres following July’s firing of Ron Raccuia, who previously oversaw both franchises on a day-to-day basis. Unlike the Broncos, the Bills are considered a Super Bowl contender. 

Both the Bills and Sabres are in the midst of significant facility transitions. The Bills are building a new stadium in Orchard Park, New York that will cost at least $1.7 billion.  

The Sabres are in the initial stages of planning a large-scale upgrade to their home arena, KeyBank Center. The 27-year-old, publicly owned venue in downtown Buffalo hasn’t undergone any major renovations since opening and will require several years to complete them during Sabres offseasons. 

With a new season tipping off in less than two weeks, NBA franchises are as hot a commodity as ever — the latest being the Phoenix Suns.

Mat Ishbia — who led the recent $4 billion purchase of the Suns and the WNBA’s Mercury — could be bringing on new minority investors

The first-year owner has fielded interest from U.S. and international investors, according to Bloomberg. It’s possible the team stakes could already be more valuable than $4 billion.

Already this year, the Washington Wizards saw new investment from the Qatar Investment Authority, which paid about $200 million to purchase about a 5% stake in the team’s parent company, Monumental Sports & Entertainment.

Micahel Jordan sold his majority stake in the Charlotte Hornets as part of a deal that valued the team at $3 billion and brought on new limited partners like rapper J. Cole, country music star Eric Church, and sports-focused private equity firm Dyal HomeCourt Partners.

A 10% minority stake in the Golden State Warriors is reportedly up for sale at a price tag of $700 million, valuing the team at $7 billion.

Heating Up

It’s been a busy year for Ishbia, who’s making his mark in Phoenix.

The Suns and Mercury partnered with Gray Television after the bankrupt Diamond Sports Group didn’t make an offer to continue broadcasting games on Bally Sports Arizona.

Meanwhile, Ishbia’s ownership group is spending over $100 million to build a new business headquarters and practice facility for the two teams.

Where there’s smoke, there’s usually fire — and the world of pro golf now has some confirmation.

In recent weeks, reports have surfaced about new investors showing interest in partnering with the PGA Tour, which earlier this year signed a framework agreement with Saudi Arabia’s Public Investment Fund to pump billions of dollars into professional golf.

One of the companies mentioned was Endeavor, whose CEO Ari Emanuel publicly confirmed that an official bid was submitted on Oct. 5. However, he wouldn’t detail how much money is involved, what size stake of the new PGA Tour Enterprises commercial entity Endeavor’s seeking to acquire, or whether its bid would add to or replace the PIF deal.

But Emanuel did say he thought that there were seven other bidders in the process. Fenway Sports Group and Arctos Sports Partners have been reported as other interested investors — which means at least five other investment entities are trying to partner with the PGA Tour.

“I think we could add to it what we’ve added to all of our sports,” Emanuel said. 

Endeavor — a publicly traded company with a market cap of $9.35 billion — just merged its UFC promotion with WWE to form TKO Group Holdings, which is valued at $21 billion. Its stock price currently sits at just under $20, which is close to an all-time low since its IPO in 2021.

The company also owns the Professional Bull Riders traveling competition.