It's official - the Denver Broncos are up for sale.

On Tuesday (Feb.1), the Bowlen family publicly announced via Broncos' social media accounts that the team would be placed on the market.

"When Pat Bowlen purchased the Denver Broncos in 1984 with the help of his siblings—John, Bill and Marybeth—he set out with the goal of being No. 1 in everything. Over the past 38 seasons, his vision enabled the Broncos to become champions on and off the field.", the Bowlen family's statement reads.

"With today beginning the Broncos' transition to new ownership, our family is overwhelmed with gratitude for what this organization and community have meant to us. There are truly no words to express our deep appreciation to all of Broncos Country for its unwavering support during the past four decades." 

How Will The Denver Broncos Be Sold?

According to 9News, a legal source familiar with the Broncos' ownership transition said the team would likely be sold through an auction process.

The Denver Broncos franchise and its entities are currently placed in a trust - the Patrick D. Bowlen Trust; as such, the trustees have a fiduciary duty to the beneficiaries to get the highest possible price for the team, pending NFL approval.

Forbes listed the Broncos' market value at $3.75 billion.

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Joe Ellis, Chief Executive Officer of the Denver Broncos - and one of three trustees to the Patrick D. Bowlen Trust - offered some insight in regards to the sale in a statement on Tuesday (Feb. 1):

"The Pat Bowlen Trust announced today the beginning of a sale process for the Denver Broncos. We have retained Steve Greenberg of Allen & Company as our financial advisor and Joe Leccese of Proskauer Rose LLP as our legal advisor for this transition of ownership."

"Selling an NFL team is a complex process involving numerous parties and league approval procedures," Ellis said.

"Nonetheless, the trustees hope to have the sale completed by the start of the 2022 NFL season. The Broncos are a special franchise that is part of the fabric of this region, and whoever emerges as the new owner will certainly understand what the team means to our great fans and this community."

The Bowlen foundation's three trustees include Ellis, Rich Slivka, Denver Broncos' longtime general counsel; and Bowlen's personal attorney Mark Kelly.

Ellis has repeatedly stressed the importance of finding the right owner to carry on the Broncos tradition and Bowlen's winning ways. However, a legal source suggests that selling the team through an auction could mean the trustees would have limited authority in picking the new owner.

"Pat used to say the Broncos belonged to the fans and that ultimately this was their team. From the bottom of our hearts, thank you for this incredible ride. It has been the honor of our lifetime.... All of us know that the impact of 'Mr. B' will live on with the Broncos and in the hearts, minds, and memories of the fans.", the Bowlen family statement reads.

"We will always cheer for the Orange and Blue. Go Broncos!"

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