The trust in control of the Denver Broncos has tapped Allen & Co. to advise on the potential sale of the team.

The Broncos are expected to be sold — either through an outright sale or an auction — for around $4 billion, which would make it the most expensive franchise sale in sports history. 

A source told Front Office Sports that Allen & Co. would advise the Patrick D. Bowlen Trust “on all the potential opinions” related to the team’s expected sale. 

Sportico was the first to report Allen & Co.’s involvement.

Allen & Co.’s Major Deals 

Allen & Co.’s involvement is not surprising given its history of record-setting deals led by Steve Greenberg, the firm’s managing director.

• The firm represented the Wilpon family as it sold its majority stake in the New York Mets for an MLB-record $2.475 billion to Steve Cohen in 2020. 
• Allen & Co brokered Alibaba co-founder Joe Tsai’s deal to acquire the Brooklyn Nets and Barclays Center in 2019 for $3.4 billion, the most paid for a U.S. sports franchise. 
• Greenberg advised Jerry Richardson in the sale of the Carolina Panthers to billionaire hedge fund manager David Tepper in 2018. The $2.275 billion sale stands as the most paid for an NFL team. 

FOS reported that billionaire investor Robert F. Smith is among those interested in purchasing the Broncos, while former Denver quarterbacks Peyton Manning and John Elway are reportedly interested in being part of an ownership group.

Epic Games appealed a judge’s ruling that favored Apple in an antitrust suit back in September. Now, 34 U.S. state attorneys, the Department of Justice, and Microsoft are siding with Epic.

Judge Yvonne Gonzalez Rogers ruled that Epic must pay $3.65 million in damages to Apple for 30% of revenue from Epic’s “Fortnite” payment system, which Apple said went against its policies. 

Apple also wouldn’t have to restore “Fortnite” to the App Store, require third-party app stores, or lower its developer fees — 15% for companies with annual revenue under $1 million and 30% for everyone else. Hence, Epic’s appeal.

In a lawsuit filed on Thursday, the state attorneys emphasized Apple’s threat as it “continues to monopolize app distribution and in-app payment solutions,” adding, “Apple amassed billions in supracompetitive profits.”

• Apple released its first-quarter revenue just hours before, recording a record $123.9 billion. 
• Revenue at Apple’s Services business, which includes the App Store, increased 24%.

The DOJ called the original ruling “flawed,” citing wrongful applications of the Sherman Act. “The district court committed several legal errors that could imperil effective antitrust enforcement, especially in the digital economy,” the filing said.

Microsoft Backs Epic

Apple competitor Microsoft, which has recently had its own antitrust lawsuits, chimed in, too: “If Apple is allowed to step between any company with online services and users of iPhones, few areas of the vast mobile economy will be safe.”

The iPhone maker said it was confident the original ruling would be upheld.

Outdoor apparel, sportswear, and footwear giant VF Corporation reported strong results in its latest earnings report on Friday. 

The Denver-based company — which owns Timberland, Vans, Supreme, and The North Face — generated $3.6 billion in revenue in fiscal Q3, a 22% year-over-year increase. 

VF posted third-quarter revenue growth despite the modification of its business practices, including travel restrictions and temporary office and retail store closures. 

• Its active segment — led by Vans — posted $1.4 billion in revenue, up 25% year-over-year.
• The company’s outdoor segment generated $1.9 billion in revenue, up 23% year-over-year. 

VF’s strong results allowed the company to return roughly $500 million in cash to shareholders during the quarter. VF also reported that the majority of its supply chain is currently operating. 

A Supreme Deal

In December 2020, VF completed its acquisition of global streetwear brand Supreme in a deal valued at $2.1 billion. VF projects full-year revenue to reach about $11.85 billion, up 28% compared to FY2021. Roughly $600 million of VF’s full-year revenue is expected to come from Supreme.