Vernon, TX, February 9, 2016 – Representatives for the renowned W.T. Waggoner Ranch today announced that Judge Dan Mike Bird of the 46th Judicial District Court has allowed the Waggoner’s owners to proceed with a private transaction under which Stan Kroenke, American businessman, professional sports team owner and rancher, will become the Waggoner’s new owner. This historic transaction will be the first-ever sale of the Waggoner, an approximately 535,000 acre estate which was established in 1849 and spans across 6 Texas counties and almost 800 square miles. It is currently the largest ranch under one fence in the U.S., and includes thousands of cattle, hundreds of horses and oil wells, and 30,000 acres of farmland. Terms of the potential transaction were not disclosed.

“This is an incredible opportunity and an even greater responsibility,” said Mr. Kroenke. “We are honored to assume ownership of the Waggoner – a true Texas and American landmark –
and are deeply committed to continuing the proud legacy of W.T. “Tom” Waggoner, his family and his descendants. Our gratitude to them and to the many parties involved in this process is immense. We will continue to preserve and protect this uniquely American treasure.”

“The selection of Mr. Kroenke and potential sale bring to a close an unprecedented global marketing effort,” said Bernard Uechtritz, one of the seller’s representatives. “The sale of the Waggoner was an extraordinarily complex and multi-faceted process, and its successful culmination is a tribute to the many people, teams and layers of teams representing all sides behind the process.”

Bradley Wharton, a representative of the Wharton heirs to the Waggoner Ranch, stated, “Amid an emotional and, at times, trying sale process, we never lost sight of what we wanted in a new owner of this historic property: a keen sense of tradition, a love of the land, and loyalty to the people who work here. Measured by these standards, we are confident that Stan will be a great steward of the Waggoner legacy going forward.”

Helen Biggs Willingham, representing the Biggs heirs, added, “The next chapter in the life of the Waggoner now begins under extraordinarily capable and committed new ownership in the form of Stan Kroenke. All Waggoner shareholders express our deep appreciation to him, and to the brokers and lawyers and advisors who worked relentlessly to make this watershed day possible.”

Electra Biggs Moulder, namesake of her mother Electra Waggoner Biggs and great aunt Electra Waggoner Wharton, commented, “I am so pleased that the legacy of the Estate is passing to the right man, who has shown a commitment to conservation and the Waggoner way of life.”

Stan Kroenke Approved as New Owner of Texas’ Legendary W.T. Waggoner Ranch– PAGE 2

Sam Connolly, General Manager of the U.S. division of Kroenke Ranches, explained, “As with all of our ranch properties, the land comes first. We are excited about integrating this second-to-none ranch with our ranch holdings in the United States and in Canada. This acquisition ties in perfectly with our cattle, wheat, horse and natural resource operations. We look forward to learning from and building on the remarkable heritage of this crown jewel of ranching.”

With properties in the western and southwestern United States and Canada, Kroenke Ranches is one of the largest conglomerates of working ranches in the world.

Advisors
Glen E. Johnson from Kelly Hart & Hallman in Ft. Worth and Lonny D. Morrison in Wichita Falls served as legal counsel to the respective owners of the Waggoner. Alan Rhodes and Lynn Tate from The Underwood Law Firm in Amarillo served as legal counsel to Mr. Kroenke.

Bernard Uechtritz, international real estate advisor to Briggs Freeman Sotheby’s International Realty in Dallas, and Sam Middleton of Chas. S. Middleton & Son in Lubbock, represented the owners in marketing and securing the buyer for the Waggoner Ranch. Joel D. Leadbetter from Hall & Hall in Bozeman, MT, and Sam Connolly, General Manager of Kroenke Ranches, represented Stan Kroenke.