The buying group is led by Walmart heir Rob Walton, his daughter Carrie Walton Penner and her husband Greg Penner, the chairman of Walmart.
NFL Commissioner Roger Goodell said all 32 teams voted to approve the sale announced by the Broncos and buyers in June.
“We are grateful for the support and confidence of the National Football League and the other 31 teams with today’s vote,” Rob Walton said in a statement Tuesday.
“It’s a responsibility and a privilege to serve as guardians of such an iconic franchise,” he said. “We have tremendous respect for what Pat Bowlen has meant to the Broncos and look forward to building on this organization’s championship legacy.”
The purchase price has not been announced by either the team or the NFL, but according to ESPN, the deal is worth $4.65 billion – a record price for a North American sports franchise.