Tag: Broncos Owner

Greg Penner won’t spill the beans on Broncos’ new uniforms

“We’ll be having some things coming there in the future, but nothing to announce today,” Greg Penner said of the Broncos’ uniform changes.

We know the Denver Broncos are working on new uniforms. We don’t know when those uniforms will arrive and — contrary to speculation — we don’t know what the uniforms will look like.

Broncos owner/CEO Greg Penner was unwilling to spill the beans on the team’s uniform timeline during his end-of-season press conference.

“Uniforms  — nothing to announce on new uniforms today,” Penner said on Jan. 9. “That’s also been [some] learning for me. I just figured when you wanted to change your uniforms, you just made a new uniform. But boy, it’s a several-year process with the league and Nike to get there. We’ll be having some things coming there in the future, but nothing to announce today.”

One could infer that new uniforms will or won’t arrive in time for the 2024 season, depending on how you interpret Penner’s comments.

The Walton-Penner family purchased the Broncos just before the 2022 season. That did not leave time for new uniforms ahead of the 2023 season, but if Penner and Co. acted quickly, a new uniform could have been designed and approved in time for the 2024 campaign.

If Denver plans to unveil a new uniform before the upcoming season, an announcement should be expected in the coming months. It seems safe to assume that the uniforms will arrive at least before the 2025 season. In the meantime, we wait. With anticipation (and speculation) increasing, Penner’s in no rush to announce a timeline.

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Now entering Year 3, Greg Penner a proponent of ‘constant learning’ with Broncos

“I’m a big proponent of constant learning,” Broncos owner/CEO Greg Penner said.

After the Walton-Penner family purchased the Denver Broncos in 2022, Greg Penner was named the team’s chief executive officer. 

As the CEO, Penner handles the team’s day-to-day ownership duties. Denver’s ownership group includes six members, but none of them are as hands-on as Penner, who has the biggest role. After Rob Walton transferred part of his ownership stake to his grandchildren last fall, Penner also became the team’s new majority owner.

Penner and Co. took over the team in late summer 2022 just before the season started, so they did not experience free agency or the NFL draft in Year 1. After having gone through a full offseason and season in 2023, Penner is now entering Year 3 as the Broncos’ owner.

During his end-of-season press conference on Jan. 9, Penner was asked what he learned from his first to second season in the NFL.

“First and foremost, what our fans deserve and expect here is a very high standard,” Penner said. “That was reinforced again in the second year. I would say that I’m a big proponent of constant learning. Sam Walton would always say, ‘Once you think you’ve got it all figured out, that’s about when you’re ready to fail.’ When we’re here Year 19 [or] 20 and we’re having this conversation, I’ll still be learning.”

Penner believes he’ll never stop learning on the job. Last year, he spoke with head coach Sean Payton and general manager George Paton throughout the season to continue learning about the ins and outs of an NFL team.

“For me personally, practice is a great opportunity,” Penner said. “I get a chance to visit with Sean about plays he’s running. I talk to George about what’s going on with different players. I’ll have a conversation with Beau [Lowery] on the medical side. [Mike] Westhoff will tell me how he’s teaching kickers how to kick. It’s a lot of those little things. I’m not a big believer in that there’s one ‘ah-ha’ moment where you have it figured out. It’s a lot of those little things that give you perspective. Once you have that perspective, you get experience, and you can make better decisions.”

Penner, 54, serves as the chairman of Walmart and he is a board member of companies including eHarmony and Hyatt Hotels. Penner’s had plenty of success in the business world and he’s now aiming for success in the NFL. After improving from 5-12 in 2022 to 8-9 in 2023, Denver will attempt to show more improvement in 2024. The fans — as Penner noted — deserve and expect better on-field results going forward.

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Greg Penner admits Broncos could have handled Russell Wilson negotiations differently

“You always look back and there’s different ways you can handle things. I’m sure … we could have done some things in a different way.”

After the Denver Broncos benched Russell Wilson in December, the quarterback revealed that the team had threatened to bench him months earlier if he did not agree to revise his contract.

The Broncos have not specifically denied that they threatened to bench Wilson during contract negotiations, but they have claimed Wilson was benched for football reasons, not his contract. Denver has also said the quarterback could remain with the team in 2024.

During his end-of-season press conference last week, diplomatic Broncos owner/CEO Greg Penner acknowledged that the team could have handled some of the Wilson situation differently.

“Anytime you have a situation like this, and you try to have these conversations, it’s not always going to be easy,” Penner said. “You always look back and there’s different ways you can handle things. I’m sure in this case, we could have done some things in a different way. Again, our goal was to try and see if there was a nice, constructive path forward that was amenable to both parties.”

Penner said he believes the team approached Wilson’s agent “in a constructive way,” but he did not specifically deny a threat.

Now the club will have to make a decision on Wilson this offseason. Penner has maintained that Wilson’s contract will not dictate the team’s decision.

“The financial part of it is a significant component, in terms of how this works out in the future, but that’s not what will drive the decision,” Penner said. “The decision will be driven by what’s in the best interest of this football team winning games.”

Wilson expects to be cut by the team in March. If he does not revise his contract, a split seems likely this spring.

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Broncos owner Greg Penner says he understands frustration from fans

“I want to make sure our fans understand that I get their frustrations,” Broncos owner/CEO Greg Penner said.

The Denver Broncos held an end-of-season press conference on Tuesday featuring team owner/CEO Greg Penner, head coach Sean Payton and general manager George Paton.

Penner said that he was encouraged by the team taking a step forward in 2023, but he also understood that the club did not meet fans’ expectations.

“First of all, I think we took a big step forward this year,” Penner said. “I was encouraged by what I saw. Proud of the resilience that the players showed, as well as the leadership of Sean and George and the whole staff. With that said, we understand the championship standard that we have here, both for the organization and the fan’s expectations. This is a proud franchise. We grade ourselves by our winning record, and this year, we didn’t meet our expectations.”

The Broncos went 8-9 in 2023 and while that marked the club’s most wins in a single season since 2016, Denver fell short of reaching the playoffs. The Broncos lost several games in frustrating fashion, and they only need a few more victories to reach the postseason.

That has left fans disappointed with the 2023 campaign, and Penner acknowledged that.

“I want to make sure our fans understand that I get their frustrations,” Penner said. “The main message for Broncos Country that I would have is, we’re just as impatient as you are to win here. We understand that we have a lot of work to do this offseason to get better. I want to thank the fans for your loyalty, support [and] passion. I think we have the best fans in the world here.”

The bottom line for fans is winning. Denver hasn’t had a winning season since 2016. In order for Penner to please the fans, the Broncos will need to get back on track with a winning season in Year 2 under Payton.

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Greg Penner becomes Broncos’ controlling owner

Greg Penner was already handling the Broncos’ day-to-day ownership duties. He is now officially the team’s controlling owner.

When the Walton-Penner family purchased the Denver Broncos last year, Walmart heir Rob Walton purchased a majority of the team, but his son-in-law, Greg Penner, has been serving as the team’s day-to-day owner.

Penner has been listed as a co-owner and chief executive officer on the team’s official website. Going forward, Penner will be the team’s new controlling owner after Walton transferred part of his ownership stake to his grandchildren, according to The Denver Post‘s Parker Gabriel.

The four children of Greg and Carrie Walton Penner now have ownership in the team, but they will have no team duties in the foreseeable future.

To be considered a controlling owner in the NFL, Greg Penner must own at least 30% of the team. It’s unclear exactly how the percentages break down between Rob Walton, Greg Penner, Carrie Walton Penner and the grandchildren.

The Walton-Penner family purchased the team for $4.65 billion last year. They then brought in Condoleezza Rice, Lewis Hamilton and Mellody Hobson as minority owners. The team is now worth an estimated $5.1 billion, a 10% increase from 2022.

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Forbes estimates Broncos are worth $5.1B, 13th-most in the NFL

One year after the Broncos were sold for $4.65 billion, Forbes estimates that the team is now worth $5.1 billion.

Before the 2023 NFL season kicks off next week, Forbes has released their annual (estimated) valuations of all 32 teams.

The Denver Broncos are worth an estimated $5.1 billion, which marks a 10% increase from what Forbes estimated in 2022.

The Broncos are listed as the 13th-most valuable team in the league, second in the AFC West (the Las Vegas Raiders are worth $6.2 billion).

A Rob Walton-led new ownership group purchased the franchise for $4.65 billion last summer. Walton is the majority owner but his son-in-law, Greg Penner, is a co-owner and the team’s CEO who handles day-to-day ownership duties alongside his wife, co-owner Carrie Walton Penner.

The Walton-Penner family also brought in three minority owners after buying the team last year: Mellody Hobson, Mellody Hobson and Lewis Hamilton.

Denver’s new owners invested more than $100 million in stadium renovations this offseason, and a brand new stadium might be in store sometime down the road.

The Dallas Cowboys ($9 billion) are the most valuable NFL team and the Cincinnati Bengals ($3.5 billion) are the least valuable. To view the complete list of NFL team valuations, visit Forbes.com.

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Forbes lists Broncos as world’s 19th-most profitable sports team

Forbes says the Broncos are the 19th-most profitable sports team in the world with an estimated three-year operating income of $266 million.

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Buying the Denver Broncos for $4.65 billion last summer looks like a great value purchase for the Walton-Penner family in hindsight.

Since then, the value of NFL teams has continued to skyrocket, and the club’s annual revenue is climbing as well. Forbes recently published a list of the world’s most profitable sports teams and 13 NFL teams made the top 25.

Forbes ranked teams by their 2020-2022 operating income, described as “earnings before interest, taxes, depreciation and amortization.” The Broncos are ranked No. 19 on the list with an estimated $266 million in operating income over the last three years.

Of the NFL teams, the Dallas Cowboys are ranked No. 1 ($1.171 billion), followed by the New England Patriots ($623 million) at No. 2, the Houston Texans ($356 million) at No. 6, the New York Giants ($333 million) at No. 9, the Los Angeles Rams ($318 million) at No. 11, the Washington Commanders ($290 million) at No. 13, the Chicago Bears ($288 million) at No. 15, the Jacksonville Jaguars ($281 million) at No. 17 and then Denver at No. 19.

Rob Walton, the son of late Walmart founder Sam Walton, is the Broncos’ majority owner, but his son-in-law, Greg Penner, handles the team’s day-to-day ownership duties. Football runs in the family, and business is booming.

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Broncos owners sat in team’s draft room over the weekend

“Ever since they’ve arrived, it’s been outstanding,” Broncos GM George Paton said of the team’s ownership group.

When a Rob Walton-led ownership group purchased the Denver Broncos last summer, the NFL draft and the bulk of NFL free agency had already passed. The new owners took over in time for the start of the regular season, but they weren’t around for the offseason roster-building process.

Walton is the team’s controlling owner but his son-in-law, Greg Penner, is a co-owner and chief executive officer who oversees day-to-day ownership duties with his wife, Carrie Walton Penner.

The Penners experienced their first NFL draft this weekend, sitting in the team’s draft room with general manager George Paton and head coach Sean Payton.

“It was outstanding,” Paton said of Greg and Carrie Penner sitting in on the team’s draft room. “Greg and Carrie were with us the entire way. They were very supportive with the trades. They were on board. We met with them early in the week, and they kind of knew the plan. It’s hard to plan when your first pick is in the third round, but I felt like the plan went as we expected. I think it was really good for them to see their first draft and be a part of it.

“It was funny — I think it was Wednesday — we met with them and kind of told them what to expect for the draft and they were like ‘OK. Well, what do we do? What do we do during the draft?’ I said, ‘We just kind of sit there.’ Long story short, it was outstanding. They were part of the collaboration. When we were trading and were discussing the players, Greg had great questions, and Carrie had great questions. Like free agency — ever since they’ve arrived — it’s been outstanding.”

Penner made it clear last summer that he’s self-aware of what he brings to the team — the CEO won’t interfere with the club’s personnel decisions. The ownership group will provide the resources for Paton and Payton to build a winning roster and train in world-class facilities, and they’ll let the football people handle the football decisions.

So far so good for the team’s new ownership group.

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After failing to buy Broncos, Josh Harris group expected to purchase Commanders

A Josh Harris-led group that attempted to buy the Broncos last year is now expected to pay $6 billion to acquire the Commanders.

The $4.65 billion price that a Rob Walton-led group paid for the Denver Broncos last summer is beginning to look like a bargain.

The Broncos had several other suitors last year, including a group led by NBA team owner Josh Harris. Competing groups knew they couldn’t compete with Walmart money, leading to the Walton-Penner family completing a purchase of Denver’s NFL franchise.

Rob Walton is now the majority investor in the Broncos’ six-person ownership group, and the groups that failed to buy the franchise are pursuing other opportunities.

The same Harris-led group that attempted to buy the Broncos now appears to be close to purchasing the Washington Commanders from Dan Snyder. NFL Network reported last week that the two sides are “nearing a deal.”

Harris and Co. are expected to pay $6 billion for the Commanders, a significant increase from the $4.65 billion that Walton’s group paid for the Broncos. The Walton-Penner purchase was a record-breaking price paid for an American sports team, soon to be broken by the Commanders sale.

Before the Broncos sale, the previous high paid for an NFL team was David Tepper buying the Carolina Panthers for $2.275 billion in 2018. The price will continue to increase if any other NFL teams go on the market in the coming years.

As prices continue to rise, the Broncos deal will become even more of a bargain buy.

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Broncos’ owners are flying Ronnie Hillman’s teammates to late RB’s celebration of life

Broncos owners paid for Ronnie Hillman’s teammates’ travel to the late running back’s celebration of life. Peyton Manning helped coordinate.

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Denver Broncos owners paid for a group of Ronnie Hillman’s teammates to travel to the late running back’s celebration of life in California this week.

Former quarterback Peyton Manning helped coordinate the arrangement, getting a group of players together with the team to fly by private jet from Denver to California, according to KUSA-TV’s Mike Klis.

In addition to Manning, former wide receiver Emmanuel Sanders, defensive lineman Derek Wolfe, tight end Joel Dreessen, kicker Brandon McManus and offensive linemen Ryan Harris and Orlando Franklin also traveled to California with Broncos player development vice president Ray Jackson.

“All of us as Broncos, it means something to us to be Denver Broncos and the fact that the ownership group in one year can understand that and go far beyond out of their way to coordinate to allow us to attend Ronnie’s funeral, there’s no words for our gratitude towards the Walton-Penner family,” Harris told Klis.

Hillman died of a rare kidney cancer in December at age 31. He led the team with 863 rushing yards and seven touchdowns during their Super Bowl-winning season in 2015. He played four seasons in Denver.

Hillman’s service will be held at Faithful Central Bible Church in Inglewood, California on Thursday morning.

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