Tag: Broncos Owner

Garett Bolles eager for Walton-Penner group to build on Bowlen legacy

“The Walton-Penner group are going to come in here and take what the Bowlen family has done and just continue to run with it and build it.”

The Denver Broncos finally cleared the last legal hurdle of the ownership battle when the NFL unanimously approved the sale of the team to the Walton-Penner group earlier this month. The group — comprised of personalities such as Walmart heir Rob Walton, former Secretary of State Condoleezza Rice and Formula One driver Lewis Hamilton — are now the fifth ownership in team history.

Broncos offensive tackle Garett Bolles was effusive in his praise of the group, saying that they are going to build on the winning legacy of late former owner Pat Bowlen.

“[The Bowlen family] changed this whole city, and they changed this organization,” Bolles said earlier this summer. “The Walton-Penner group are going to come in here and take what the Bowlen family has done and just continue to run with it and build it.”

In their introductory press conference as a new ownership group, owner Greg Penner addressed the expectations that are in place.

“The Broncos are an iconic franchise that means so much to Denver, Colorado and the whole region,” Penner said. “Following in the footsteps of Pat Bowlen and Joe Ellis, are no small feat. Our Broncos fans have high expectations, we know that, and we embrace it. We believe that a winning team and organization require the right people, high expectations, the necessary resources, and accountability. We are committed to that, and we are going to draw on this diverse ownership group to succeed.”

While the group begins to wet their feet in the day-to-day operations of the team, Bolles expressed excitement for the future.

“I’m looking forward to all the amazing memories and all the amazing things that we are going to do and accomplish, both on the field and off the field.”

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Broncos have ‘no immediate plans’ to add members to ownership group

Broncos have ‘no immediate plans’ to add Peyton Manning or John Elway to their new ownership group.

The Denver Broncos’ new ownership group led by Rob Walton, Greg Penner and Carrie Penner has added three minority investors: Mellody Hobson, Condoleezza Rice and Lewis Hamilton.

Two other high-profile candidates are believed to be interested in joining the team’s ownership group, but Penner said Wednesday that nothing is imminent.

“At this point, we don’t have anything to add or share on that,” Penner said when asked about potential additions to the ownership group. “No immediate plans.”

John Elway has publicly stated that he would be interested in joining ownership, but he remains an outside consultant. ESPN reported in June that Peyton Manning was a candidate to join the team in an advisor role that could eventually lead to “equity in the franchise.”

Neither Elway or Manning are set to join ownership, though, at least not right now, but both former quarterbacks remain closely connected to the team.

“We are in a terrific position of having two great Broncos, they were both out here [at practice] today, and it’s been fantastic to spend some time with them,” Penner said Wednesday. “John Elway is the ultimate Bronco. He won championships as both a player and an executive. I have had a chance to visit with him and look forward to learning as much from him as possible.

“Peyton is one of the greatest NFL players of all time — obviously, won a championship here. We have had a chance to get to know him through the process as well. We are just going to learn from both of them. I think it is going to be a really good relationship.”

Regardless of whether or not they get official titles, it seems clear that both Elway and Manning aim to help the team any way they can going forward.

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Meet the new Broncos ownership group

The Bowlen era has come to an end. Here are the Broncos’ new owners.

The Bowlen era has come to an end in Denver.

NFL owners met Tuesday and unanimously voted in favor of a new Broncos ownership group led by Rob Walton, who agreed to pay $4.65 billion to the Bowlen family to purchase the team earlier this summer.

The late Pat Bowlen bought the team from Edgar Kaiser Jr. for $70 million in 1984. Denver’s NFL franchise went on to win three Super Bowls under Bowlen’s leadership before he died in 2019 following a battle with Alzheimer’s disease.

After Bowlen’s death, the team was run by a trust led in part by team president/CEO Joe Ellis. Bowlen’s children could not agree on a controlling owner among them, so the trust put the team up for sale earlier this year.

Tuesday’s approved sale marks the end of the Bowlen ownership era. Here’s a quick look at the team’s new ownership group that will be led by Walton starting this season.

NFL owners approve new Broncos ownership group

Official: NFL owners have approved the new Broncos ownership group led by Walmart heir Rob Walton.

It’s finally official.

NFL owners met on Thursday to vote on the Denver Broncos’ new ownership group and — as expected — the group has been approved, unanimously.

Rob Walton is the group’s leader and he will become the team’s new controlling owner. With an estimated net worth of about $60 billion, Walton instantly becomes the wealthiest owner in the NFL.

Walton will be the majority owner but his son-in-law, Greg Penner, and Walton’s daughter, Carrie Walton-Penner, are expected to handle most of the team’s day-to-day ownership duties.

In addition to the Walton-Penner family, the group has also added three minority owners so far: businesswoman Mellody Hobson, former Secretary of State Condoleezza Rice and Formula One driver Lewis Hamilton. Peyton Manning is also believed to be a candidate to join the team as an advisor.

The first order of business for the new ownership group will likely be giving quarterback Russell Wilson a contract extension. Walton might also consider the possibility of a new stadium, and starting next year, the team might also consider updating their uniforms.

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F1’s Lewis Hamilton comments on joining Broncos’ ownership group

F1’s Lewis Hamilton says he’s “excited to join an incredible group of owners and become a part of the #Broncos story!”

After the Denver Broncos announced Tuesday that Lewis Hamilton is joining their (pending) new ownership group, the accomplished Formula One driver took to Twitter to share the following statement via social media:

“Excited to join an incredible group of owners and become a part of the @Broncos story!! Honoured to work with a world class team and serve as an example of the value of more diverse leadership across all sports. Roscoe already thinks he made the team 😂 #LetsRide 🐎🔥”

The post included a picture of his dog, Roscoe, decked out in Broncos gear.

Hamilton is the third minority investor to join the team’s ownership group following the additions of accomplished businesswoman Mellody Hobson and former Secretary of State Condoleezza Rice.

Peyton Manning has also been linked to the team as a potential candidate to join the Broncos as an advisor. The new ownership group, led by Walmart heir Rob Walton, is expected to be approved by NFL owners on Aug. 9.

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Broncos add F1 driver Lewis Hamilton to ownership group

Lewis Hamilton, the top driver in F1, is now a co-owner of the Broncos.

The Denver Broncos’ new ownership group continues to grow.

Rob Walton, Denver’s (pending) majority owner, announced Tuesday that British F1 driver Lewis Hamilton is joining the team’s ownership group.

“We’re delighted to welcome seven-time Formula One world champion Sir Lewis Hamilton to our ownership group,” Walton said in a statement. “He is a champion competitor who knows what it takes to lead a winning team and a fierce advocate for global equality, including in his own sport.

“With over 100 race wins, Lewis is considered the most successful F1 driver of all time. His resilient spirit and standard of excellence will be an asset to the ownership group and the Broncos organization.”

As Walton’s statement indicated, Lewis is a highly-accomplished driver. In recognition of his racing success and off-track environmental and social activism, Lewis was knighted by Queen Elizabeth II in 2021.

Here’s how quarterback Russell Wilson reacted to the news on Twitter:

Walton will be the team’s controlling owner, but his son-in-law, Greg Penner, is expected to handle the day-to-day operations. Penner’s wife, Carrie Walton Penner, will also have a key role in ownership.

In addition to Lewis, the Walton-Penner group has also added accomplished businesswoman Mellody Hobson and former Secretary of State Condoleezza Rice as minority co-owners.

NFL owners will vote on the team’s new ownership group on Aug. 9, and the group is expected to be approved just in time for preseason.

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Sportico lists Broncos as 10th-most valuable team in the NFL

Sportico says the #Broncos are the 10th-most valuable team in the NFL, with a projected revenue of $540 million in 2022.

Before the Denver Broncos were sold, Forbes estimated that the team was worth $3.75 billion last August.

One year later, another website has the Broncos valued significantly higher. Sportico has released its valuations of NFL teams and Denver’s franchise is worth an estimated $4.65 billion.

It’s no coincidence that $4.65 billion is exactly what the team’s (pending) new ownership group agreed to pay for the team earlier this summer. Sportico has the Broncos listed as the 10th-most valuable team in the NFL, with a 22% increase in value since last year.

Here’s part of what Kurt Badenhausen wrote about the sale on Sportico’s website:

The Broncos sold for roughly nine times 2021 revenue, versus the six times David Tepper paid for the Carolina Panthers in 2018, which was the last NFL sale and the previous NFL record deal at $2.28 billion. The Broncos are projected to generate $540 million in revenue for 2022. Scarcity value plays a significant role in the valuations, with only two teams changing hands since 2013 before the Denver deal. An added bonus: Walton should be able to write off roughly $4 billion of the purchase price to offset his income, thanks to how tax law treats the acquisition of intangible assets.

The Broncos are the most valuable team in the AFC West, above the Las Vegas Raiders ($4.08 billion), Los Angeles Chargers ($3.62 billion) and Kansas City Chiefs (3.54 billion).

The Dallas Cowboys ($7.64 billion) are considered the most valuable team in the league while the Cincinnati Bengals ($2.84 billion) are considered the least valuable. To view the complete list, visit Sportico.com.

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George Paton says Broncos’ new ownership will ‘set a winning culture’

“They’re all about winning,” George Paton said of new ownership. “They want to win the right way. They’re going to set a winning culture.”

The Denver Broncos entered a purchase and sale agreement with a new ownership group in June, showcasing that the Broncos are indeed in a new era. Rob Walton, a Walmart heir, will become the team’s new controlling owner once the sale becomes official.

Fans of other NFL teams might poke fun with Walmart memes, but Walton’s business success speaks for itself. Walmart may not be Louis Vuitton, but Walton understands that Walmart built its brand into legendary status. This background prompted general manager George Paton to say the new ownership would establish a winning culture with the Broncos.

“The entire organization is really excited for the ownership group,” Paton said during his pre-camp press conference on July 26. “It’s a dynamic ownership group. [They’re] accomplished — incredibly accomplished, intelligent, and thoughtful leadership. They’re going to help with the culture here, and we just can’t wait to get them here.”

Paton also made it clear that winning is not just a want but a necessity, and this ownership will set the framework for that.

“I’ve had a few conversations with them, and one thing I know is they’re all about winning. They want to win the right way. They’re going to set a winning culture, and they will set the tone. They will add to what we’ve already started. We’re fired up to get them here and get them approved. I’ve really enjoyed the brief conversations up to this point.”

The Broncos started their campaign to change their culture when training camp kicked off last week. The team’s new ownership is expected to become official in August, just before preseason begins.

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Brittany Bowlen steps down from role with Broncos ahead of new ownership takeover

Following the departure of Brittany Bowlen, one member of the Bowlen family remains on staff: Patrick Bowlen III is still listed as the facilities coordinator on the Broncos’ website.

The Bowlen era is officially coming to an end in Denver.

The Broncos reached a purchase and sale agreement with a new ownership group led by Walmart heir Rob Walton last month, and the sale is expected to become official in early August.

Once the sale does become official, Walton will become the team’s new controlling owner, and the family of late owner Pat Bowlen will relinquish their shares.

Before the team decided on a sale, one of Bowlen’s daughters, Brittany, was being groomed to become the next controlling owner. Not all of the siblings were in agreement, though, so the team moved toward a sale instead of appointing Brittany — or one of her siblings — as the new owner.

Brittany had been serving as the team’s senior vice president of strategy, but she stepped down from that role last month after Walton’s group reached an agreement with the Broncos.

“I recently made the decision to step down from my position at the Broncos,” she said in a statement Thursday. “During my time, I thoroughly enjoyed working in the team’s front office and feel fortunate to have worked alongside such a talented and supportive group of people.

“I wish the Walton-Penner Family Ownership all the best as they embark on the next chapter of this organization’s storied history.”

With Brittany no longer employed by the team, one member of the Bowlen family remains on staff: Patrick Bowlen III is still listed as the facilities coordinator on the team’s website.

Broncos ownership group one step closing to becoming official

The NFL’s finance committee has unanimously recommended the sale of the Broncos to a group led by Rob Walton. Owners are now set to vote on Aug. 9.

The Denver Broncos’ pending new ownership group is not official just yet, but they’re now one step closer.

“The NFL’s finance committee met today to review details of the proposed Denver transaction,” league spokesperson Brian McCarthy told KUSA-TV’s Mike Klis. “The committee unanimously recommended the transaction for membership approval.”

The committee will make their recommendation when league owners meet on Aug. 9 to vote on the ownership group. At least 24 of the league’s 32 ownership groups will have to vote in favor of the Broncos’ pending group for it to be approved.

Denver’s group is led by Walmart heir Rob Walton, who will become the team’s new controlling owner once the sale becomes official.

“We appreciate the diligence and hard work of the National Football League’s finance committee with its recommendation to approve our purchase of the Denver Broncos,” Walton said in a statement Wednesday.

“Today’s vote marks an important milestone, and we are excited for the next step involving all of the league’s owners.”

NFL owners are expected to vote in favor of Walton’s group in August.

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