MINNEAPOLIS, Minn. (KDVR) — The 32 National Football League owners met on Tuesday and approved the sale of the Denver Broncos from the Bowlen Family Trust to the Walton-Penner Group.

The Bowlen Family Trust announced in February that it started the sale process.

Rob Walton, the head of the ownership group, purchased the team for a record $4.65 billion. He said he’s excited to continue to build the franchise as the Bowlen family did.

“It’s a responsibility and privilege to serve as stewards of such an iconic franchise. We have tremendous respect for what Pat Bowlen has meant to the Broncos and look forward to building on this organization’s championship legacy.

“While we’re deeply committed to fielding a great team to win Super Bowls, our family and extraordinary partners are also dedicated to our off-the-field responsibilities to Broncos Country and the Rocky Mountain region,” Walton said.

Walton is the chairman of the Walmart Board and an heir to Sam Walton, the company’s founder. Forbes estimates his net worth at $58.8 billion.

The NFL’s Finance Committee approved the sale on July 27.

Here is a look at who is a part of the ownership group:

According to ESPN’s Adam Schefter, the ownership group “has had conversations with Peyton Manning about an advisory role in the organization that eventually could mean being a part of the ownership group and having equity in the franchise.”