DENVER (KDVR) — Things appear to be heating up when it comes to the sale of the Denver Broncos according to reports from Bloomberg News.

The team was formally put up for earlier this year, and while there have been several people who have expressed interest in owning the team this is the first time Bloomberg is reporting about an individual planning to buy the team rather than a group.

The bid reported by Bloomberg comes from Rob Walton, the son of Walmart founder Sam Walton. He is one of the richest people on Earth with a net worth of nearly $70 billion.

Forbes values the Broncos at $3.75 billion, but the NFL only requires owners to have a 30% controlling interest, which means the team’s primary buyer may only need to pay $1.12 billion.

A Data Desk analysis found that only a handful of Coloradans would be able to afford the Broncos, and for most it would require them to put their entire fortune into the team.

Walton is a resident of Arkansas, where Walmart is headquartered.

So far the only person to publicly acknowledge their bid to buy the Broncos is Byron Allen. Allen is leading an investor group and if its bid were to be selected he would become the first Black majority owner of an NFL team.