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The Denver Broncos officially named a new owner: Walmart heir Rob Walton and his family.

Driving the news: Walton, his daughter Carrie Walton Penner and her husband, Greg Penner, have purchased the team for $4.65 billion — a U.S. sports franchise record, according to Denver's 9News.

Why it matters: The Broncos are Denver. And this sports-loving town is the Broncos.

Context: Broncos CEO Joe Ellis called a new stadium "issue No. 1 on the next owner's plate" earlier this year, saying it must be considered "right away" and significant upgrades to Empower Field at Mile High are needed.

The intrigue: Stan Kroenke — who owns the Denver Nuggets, Colorado Avalanche, Colorado Rapids and Colorado Mammoth — is married to Ann Walton, a cousin of Rob Walton. The Kroenkes also own the Los Angeles Rams.

Between the lines: Before bids were even due, Forbes reported that Walton bought the team for $4.5 billion, but that Monday report went unconfirmed. The final bid appeared higher.

What they're saying: "Having lived and worked in Colorado, we've always admired the Broncos," Rob Walton said in a statement distributed by the Broncos organization. "When the necessary approval procedures are met, our family is excited to share more with Broncos fans, the organization and the community."

What's next: The sale still needs approval from the NFL finance committee and league owners.

Editor's note: This story has been corrected to reflect that Ann Walton is a cousin of Rob Walton, not sister. 

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