Legal source claims Denver Broncos franchise likely sold through an auction

DENVER, Colo. (KRDO) -- A legal source familiar with the Denver Broncos' ownership transition told our Denver news partners if the team is sold, the sale will likely be through an auction process.

9News reports because the Broncos' franchise and its entities are in a trust, the trustees have a fiduciary duty to the beneficiaries to get the highest possible price, pending the National Football League approval.

The Broncos' franchise is currently in the Patrick D. Bowlen Trust. The trust's beneficiaries are seven of Bowlen's children and his brother, John Bowlen.

Before his passing, Bowlen had stated his desire to pass on the Broncos' franchise to one of his children. However, because the seven children haven't reached a unanimous agreement on which child should run the team, 9News reports signs point towards the franchise being put up for sale.

An auction could mean limited choice for the current owners about who tasks over moving forward.

Regardless of the person or group behind it, the top bid would likely win.