Media mogul Byron Allen is preparing a bid to purchase the Denver Broncos, Bloomberg reports.

Allen, the CEO of Allen Media Group, said that he became interested in becoming the first Black majority owner of an NFL team after conversations with NFL commissioner Roger Goodell, New England Patriots CEO Robert Kraft, and the Broncos.

“NFL commissioner Roger Goodell and New England Patriots owner Robert Kraft came to me in November of 2019 and asked me to take a good look at buying an NFL team,” Allen said in a statement.

“And after serious consideration, I strongly believe I can help effectuate positive changes throughout the league,” he continued. “And for that reason, I will be making a bid for the Denver Broncos.”

According to the reports, Allen and the Broncos are currently negotiating with bankers and Allen & Co., a boutique investment bank has been chosen to oversee a possible transaction,

Allen’s ownership group includes investors from “Wall Street, Hollywood, sports, and business,” and will reportedly put down roughly 75% of the price in liquid assets, which is significantly more than the 30% that's required for a principal franchise owner.

The sale announcement of the Broncos followed a contentious battle between family members of Pat Bowlen, who bought the team in 1984 and died in 2019. 

When rumors began to swirl that the Broncos would be on the market, Robert F. Smith, the billionaire founder of Vista Equity Partners and a Denver native was reportedly interested in purchasing the team.

According to Forbes, the Broncos are valued at $3.75 billion, and the franchise is reportedly expected to sell for more than $4 billion, a record for a U.S. sports team.