According to a league source, the Los Angeles Rams defensive tackle agreed to a restructured contract on Monday that will give him an average salary of more than $31.6 million each season through 2024. 

Broncos CEO Joe Ellis acknowledged the sale alongside Walton, 77, his daughter Carrie Walton-Penner, and his son-in-law Greg Penner.

Ellis: "I've loved meeting Rob Walton, Carrie Walton-Penner, and Greg Penner." "After learning about their past and ambition for the Broncos, I'm confident in their leadership and support."

"I appreciate our football leadership, administrative team, and staffs at UCHealth Training Center and Empower Field at Mile High in recent months and years. Allen & Company and Proskauer Rose led us through this process efficiently," he added.

Walton will pay $4.65 billion for the franchise, 9News Denver reported. It would set a new record for the sale of an American sports franchise.

Ellis reiterated that a majority of NFL owners must ratify the agreement.

"Today marks a crucial milestone on the route to an exciting new chapter in Broncos history," he said. 24 of 32 owners must approve the agreement.

Walton and Penner thanked Ellis and the Broncos in a statement.

"We're pleased to buy the Broncos! Carrie, Greg, and I are inspired to lead this excellent organisation in a thriving town with enthusiastic fans, the family said.

"Having lived and worked in Colorado, we’ve always admired the Broncos. Over the last few months, we've learned more about the team, staff, and Broncos Country, the statement said.

Mellody Hobson, co-CEO of Ariel Investments, has also agreed to join.

Mellody chairs Starbucks' board and is a JPMorgan Chase director. We know she'll offer strategic savvy and leadership to our team," stated the statement.

"Thank you to Joe Ellis and the Broncos staff for a first-class sale. We also applaud Hogan Lovells for their help," it said.

We hope to win the NFL's trust and support as we move forward. Our family is excited to share more with Broncos fans, the organisation, and the community once approval procedures are complete.