Richest owner in major US sports now owns stake in Diamondbacks

The richest owner in major U.S. sports owns a stake in the Diamondbacks and has quietly held onto it for two years, according to a report.

Denver Broncos owner Rob Walton purchased a 10% stake in the Diamondbacks at a franchise valuation of $2 billion, Sportico reported. Walton, 81, the son of Walmart founder Sam Walton, is worth nearly $146 billion, according to Forbes.

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The trade apparently took place in 2024, but the Diamondbacks never made it public.

The club declined to comment publicly on the report, which said “the majority of the proceeds” were used for renovations at Chase Field. The team has publicly committed $250 million in course improvements, which will also be provided with taxpayer dollars through legislation passed last year.

According to sources, Walton is not part of the organization’s “general partners” but is a minority shareholder and limited partner. He has no decision-making responsibilities and is not involved in operations, sources said.

Prior to the Walton trade, Diamondbacks managing general partners Ken Kendrick and Jeff Royer each owned the largest stakes in the team. Mike Chipman owns the third-largest number of shares.

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Kendrick, Royer and Chipman make up the general partners, along with team president and CEO Derek Hall.

It’s no surprise that the club has chosen to sell its stake in the franchise. Three years ago, Hall told The Arizona Republic that this might be a possibility.

“We actually look at bringing in additional investors every year when the time comes,” Hall said in January 2023. “I think most teams feel the same way. Because you need money, whether it’s for salary flexibility one day or, in our case, to improve this stadium or if we’re building a new stadium.

“It’s not exactly the right time, but we’re very willing to bring in another investor, and Ken’s position now is attracting a lot of interested investors.”

This article originally appeared in The Arizona Republic: Walmart heir Rob Walton reportedly buys stake in Diamondbacks