Broncos franchise up for sale

The Denver Broncos are officially for sale, the team announced Tuesday.

"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," team president and CEO Joe Ellis said.

The trustees hope to complete the sale by the start of the 2022 NFL season.

Pat Bowlen purchased the franchise in 1984. His family controlled the team after he died in 2019 from complications due to Alzheimer's.

"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," the Bowlen family said in a statement. "There are truly no words to express our deep appreciation to all of Broncos Country for its unwavering support during the past four decades."

The Broncos were recently valued at $3.75 billion, according to Forbes' Mike Ozanian and Christina Settimi.

Denver is in the midst of changes along the sideline after hiring Nathaniel Hackett to replace Vic Fangio as the club's head coach in January.