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INGLEWOOD, Calif. (AP/KDVR) — Byron Allen says the NFL needs him to join the ownership group as he is preparing a bid to purchase the Denver Broncos and become the NFL’s first Black owner.

He told The Associated Press that NFL Commissioner Roger Goodell and New England Patriots owner Robert Kraft approached him in November 2019 about buying a team.

The NFL’s ownership ranks are overwhelmingly white. Of the league’s 32 teams, the only minorities to have a controlling ownership stake are the Jacksonville Jaguars’ Shad Khan and the Buffalo Bills’ Kim Pegula, who co-owns the team with her husband, Terry.

Bloomberg News was the first to report the potential bid, citing a statement from Allen in which he said he could use the position to positively change the league.

Forbes valued the team at $3.75 billion in 2021. The NFL requires the controlling interest to hold 30% of the team’s value, meaning a $1.125 billion investment.

According to online reports, Allen has a net worth of about $450 million.

The Broncos were officially put up for sale on Feb. 1 after years of legal maneuvering between Pat Bowlen’s children following his death in 2019. A settlement was reached between the children in January.

Allen isn’t the only one in the running to be the next owner of the Denver Broncos. The Los Angeles Times reported an investment group, that includes a California billionaire, is supposedly interested in purchasing the team.