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DeutschThe richest owner in major American sports owns a stake in the Diamondbacks — and has, quietly, for two years, according to a report.
Denver Broncos owner Rob Walton bought a 10 percent stake in the Diamondbacks at a $2 billion franchise valuation, per a report by Sportico. Walton, 81, a son of Walmart founder Sam Walton, is worth nearly $146 billion, according to Forbes.
The transaction apparently took place in 2024 but never was made public by the Diamondbacks.
The club declined to comment publicly on the report, which said the “bulk of the proceeds” went toward Chase Field renovations. The team has publicly committed to put in $250 million toward ballpark improvements, which also will be funded through taxpayer dollars via legislation passed last year.
According to a source, Walton is not a part of the organization’s “general partnership” but rather is a minority owner and a limited partner. He has no decision-making responsibilities or involvement in operations, the source said.
Ken Kendrick, the Diamondbacks’ managing general partner, and Jeff Royer each owned the largest portions of the team prior to the Walton transaction. Mike Chipman owned the third-most shares.
Kendrick, Royer and Chipman make up the general partnership along with Derrick Hall, the team’s president and CEO.
That the club opted to sell a stake in the franchise is not surprising. Three years ago, Hall told The Arizona Republic it might be a possibility.
“We consider, really every year, when the timing is right, to bring in an additional investor,” Hall said in January 2023. “I think most teams think the same way. Because you’re going to need capital, whether it’s for flexibility with payroll one day or, in our case, for improvements here at this ballpark or if we’re going to build a new ballpark.
"The timing is not exactly right now, but we’re more than willing to bring in another investor, and Ken is in the position now where he is fielding a lot of interested investors.”
This article originally appeared on Arizona Republic: Walmart heir Rob Walton bought stake in Diamondbacks, per report