Tag: Greg Penner

Broncos have ‘nothing to say’ on Russell Wilson’s contract right now

Broncos ownership gave no update on Russell Wilson’s contract status, but the team knows that “it’s critical to have a great quarterback in this league.”

The Denver Broncos’ new ownership group led by Walmart heir Rob Walton became official earlier this week, making Walton the wealthiest owner in the NFL.

With money to spend, one of the first priorities of the new ownership group should be to give star quarterback Russell Wilson a contract extension.

Broncos general manager George Paton acquired Wilson via trade before the new owners arrived. Now they will be responsible for approving a new deal to keep the QB in Denver well beyond the 2023 season.

Greg Penner, the team’s co-owner and CEO, was asked about Wilson’s contract status during his introductory press conference Wednesday.

“At this point, nothing to say about his contract,” Penner said.

The team’s new day-to-day owner did have plenty of praise for the quarterback, though, seemingly implying an extension will get done.

“We couldn’t have been more excited as we were going through the process to see that the organization had made the trade for Russell,” Penner said. “It’s critical to have a great quarterback in this league and coming in this organization with Russellin place is a tremendous benefit for us.

“On our first diligence trip in May here, one of the first people we ran into the hallway when Rob, Carrie [Penner], and I were here was Russell. Right away, we got a sense of how positive he is as a leader. He is just such a dynamic individual. I can’t wait to see him on the field. I don’t know how much we will see of him on the field on Saturday, but we are looking forward to it.”

Wilson will presumably be seeking a contract somewhere in the range of $50 million per season, but the Broncos would like to keep details of extension talks in-house. Fans in Denver might not hear much about a new contract for Wilson until it becomes official.

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Broncos owners make first hire, name Damani Leech team president

Broncos have named Damani Leech team president. George Paton will continue to run football operations — Leech will handle the business side.

The Denver Broncos’ new ownership group wasted no time making changes in the team’s front office.

Denver has hired Damani Leech as the new team president, Broncos owner/CEO Greg Penner announced Thursday. He will report to Penner, who released the following statement:

“As we sought to identify a dynamic, forward-thinking and inspiring leader to guide the Broncos into this exciting new chapter, Damani stood out among several very qualified candidates,” Penner said. “There was a high degree of interest in this opportunity with the Broncos, which speaks to the reputation of this organization and Damani’s strong credentials.

“Damani is highly regarded throughout the National Football League for his leadership, strategic vision and collaborative spirit. As a former college player with executive experience at both the NFL and NCAA levels, Damani understands the value of teamwork and knows what it takes to win — on and off the field. Most importantly, he leads with integrity, empathy and respect. I’m confident Damani will help the Broncos grow across all areas of our business and make our staff, partners and fans proud of this organization.”

Leech will not be directly involved in the team’s football operations. He is not replacing former president of football operations John Elway — he’s replacing former team president/CEO Joe Ellis, who stepped down from that role after new ownership took over earlier this week.

Leech, like Ellis before him, will be primarily responsible for managing the business side of the team, including the club’s stadium operations.

“It is a tremendous honor to join Broncos Country during such an exciting time for one of the premiere franchises in all of sports,” Leech said. “Greg and the other partners are visionary leaders, and the trust they have shown in me is deeply humbling. I’m thrilled to support our world-class ownership, leadership team and staff on this journey to drive innovation and growth throughout every area of the Denver Broncos.

“With a championship history and heritage, the Broncos are a remarkable organization that has a special connection with its fans and community. Speaking with George Paton during this process, it’s clear that this team is positioned to succeed on and off the field. I can’t wait to work alongside ownership, George, Coach [Nathaniel] Hackett, the players and staff to help this flagship franchise reach the next level of greatness.”

Before joining the Broncos, Leech served as the chief operating officer of NFL International from 2019-2022. He’s been an executive with the NFL since 2015 after having served in the NCAA’s national office for 17 years.

Going forward, Penner will serve as the team’s day-to-day owner and CEO under majority owner Rob Walton. Paton will continue to run the team’s football operations under Penner while Leech runs the business side.

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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.

Russell Wilson says player-owner relationships are critical in the NFL

“In today’s age of football, that relationship between players and owners is so critical,” Broncos QB Russell Wilson said.

Judging from the way the QB’s exit was handled, it seems safe to assume Seattle Seahawks management didn’t always see eye-to-eye with Russell Wilson.

Now with the Denver Broncos, Wilson hopes to have a good working relationship with the team’s (pending) new owners. Rob Walton has agreed to buy the team and he’ll be the new controlling owner with Walton’s son-in-law, Greg Penner, and Walton’s daughter, Carrie Penner, handling the day-day-day owner duties in Denver.

Wilson has already spoken with all three top members of the team’s ownership group and he came away with a great first impression.

“It’s an honor to be able to do that in the first place,” Wilson said on June 13. “In today’s age of football, that relationship between players and owners is so critical because we’re playing for ourselves and our families, but we’re also playing for them, too. We’re playing for this whole city.

“To be able to have that bond and that kind of relationship — you notice it a lot in basketball, particularly, with some of the ownership groups. There are some in football, too. That’s been important. Me and Ciara owning a soccer team, it’s important to have those bonds with people. They do a tremendous job so far with that.”

Wilson, much like former quarterback Peyton Manning, is the face of the franchise going forward, and while ownership and the front office will make the final decisions, Wilson will be consulted and kept in the loop. That’s the kind of relationship he was seeking, and it looks like he’ll get it with the Broncos.

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Greg and Carrie Penner expected to handle Broncos’ day-to-day operations

Rob Walton will become the Broncos’ new majority owner, but Greg and Carrie Penner are expected to handle the team’s day-to-day operations.

The Denver Broncos will soon have a new majority owner: Walmart heir Rob Walton, a 77-year-old businessman. He’s the son of late Walmart founder Sam Walton.

Walton led a group that has agreed to purchase the team for $4.65 billion, pending NFL approval. As the controlling owner, Walton will pay at least 30% of the purchase price ($1.395 billion), and possibly more.

Walton’s daughter, Carrie Walton-Penner, and his son-in-law, Greg Penner, are also joining the team’s new ownership group as minority investors. Mellody Hobson is expected to join as well.

Carrie, 51, and Greg, 52, are “expected to be the top two day-to-day Broncos bosses,” according to a report from KUSA-TV’s Mike Klis. They currently live in California but the Penners have lived in Colorado in the past and they will presumably do so again as the team’s new day-to-day owners.

Greg has served as the chairman of Walmart since 2015, which is when Rob retired from that position.

Klis also reported that one or two of Rob Walton’s grandchildren could also be involved in ownership, a sign that the team will be a family business, just like Walmart.

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Broncos release statement on Rob Walton agreeing to buy team

“I am confident that their leadership and support will help this team achieve great things on and off the field,” Joe Ellis said of the new Walton-Penner ownership group.

Rob Walton is leading a group with his daughter and son-in-law that have agreed to purchase the Denver Broncos for $4.65 billion, according to multiple reports. The sale is pending NFL approval, but that approval is expected in the coming weeks.

After announcing the sale agreement on Tuesday evening, Broncos president/CEO Joe Ellis released the following statement:

I have enjoyed getting to know Rob Walton, Carrie Walton Penner and Greg Penner throughout this process. Learning more about their background and vision for the Denver Broncos, I am confident that their leadership and support will help this team achieve great things on and off the field.

I sincerely appreciate the cooperation of our football leadership, executive team and staffs at both UCHealth Training Center and Empower Field at Mile High over the last few months and years. We also want to recognize the work of Allen & Company and Proskauer Rose, which have guided us through this process in a timely and efficient manner.

While this purchase and sale agreement is pending approval from the NFL’s finance committee and league ownership, today marks a significant step on the path to an exciting new chapter in Broncos history.

Walton will become the team’s majority owner with Carrie Walton Penner and Greg Penner serving as minority owners. Mellody Hobson is also expected to join the team’s new ownership group.

Denver now has a new head coach, a new quarterback and new owners ahead of the 2022 season (pending approval). It’s an exciting time to be a Broncos fan.

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Rob Walton group agrees to buy Broncos for $4.65 billion

A group led by Walmart heir Rob Walton has agreed to purchase the Broncos for $4.65 billion. The sale is subject to NFL approval.

A group led by Walmart heir Rob Walton has entered into a purchase and sale agreement with the Denver Broncos, the team announced late Tuesday evening.

Walton, his daughter, Carrie, and his son-in-law, Greg Penner, are leading the ownership group. The Walton-Penner group has agreed to pay $4.65 billion, according to ESPN’s Adam Schefter. That marks the most expensive price ever paid for a U.S. sports team, more than doubling the $2.275 billion David Tepper paid for the Carolina Panthers in 2018.

The Walton-Penner group will also include “one or two” of Rob’s grandchildren, according to KUSA-TV’s Mike Klis. The Walton-Penner group also announced Tuesday evening that Ariel Investments co-CEO Mellody Hobson will join the team’s new ownership group as well.

Hobson is a Black businesswoman who serves as Chair of the Board of the Starbucks Corporation and as a director of JPMorgan Chase. NFL commissioner Roger Goodell said in February that the league had encouraged the Broncos to sell to a diverse ownership group.

Rob Walton will serve as the controller owner of the team but Greg and Carrie Penner will oversee day-to-day operations, according to Klis. There’s been no official word yet on if Peyton Manning might be involved.

While the two sides have agreed to the sale, it’s not yet official. The sale will have to be approved by the NFL’s finance committee and by a majority of league owners (at least 75%). The sale is also subject to the satisfaction of customary closing procedures. The process could take several weeks or perhaps even a few months to finalize, but the sale is expected to be approved.

Former Broncos owner Pat Bowlen bought the team from Edgar Kaiser for $78 million in 1984. When his health began to decline, Bowlen set up a trust — led by Joe Ellis, Rich Slivka and Mary Kelly — to run the team and ideally pass on ownership to one of his children when a qualified candidate emerged.

Bowlen stepped down from his day-to-day duties in 2014 due to his battle with Alzheimer’s disease, and he died in 2019. A three-time Super Bowl champion, Bowlen was inducted into the Pro Football Hall of Fame less than two months after his death.

The Pat Bowlen Trust had been grooming one of Bowlen’s daughters, Brittany, to become the next owner, but not all of her siblings could agree on Brittany becoming the controlling owner. So the trust opted to sell the team, with each of Bowlen’s seven children set to receive about 11% of the sale price.

Ellis announced the team was going up for sale in February and the winning bid was accepted on June 7.

Broncos general manager George Paton and head coach Nathaniel Hackett will continue to run the team’s on-field operations.

Some of the first topics addressed by the new owners might include new (or at least revamped) uniforms and the possibility of a new stadium. Walton might want to build a modern new stadium to improve the feasibility of hosting a Super Bowl and other events in the future. As for the uniforms, Denver fans (and quarterback Russell Wilson) are partial to the team’s 1990s throwback look.

With a new owner, an energetic new coach and a new star quarterback, the future looks bright for the Broncos.

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Rob Walton hasn’t won bid for Broncos yet, but report says he will

Forbes says Rob Walton will win the bid for Broncos. While that might happen, the report is premature.

Walmart heir Rob Walton hasn’t won the bidding for the Denver Broncos just yet, but he is the presumed favorite.

Walton is leading one of four groups that are expected to submit second-round bids for Denver’s NFL franchise by this afternoon. The three other groups are led by Josh Harris, Jose E. Feliciano and Mat Ishbia, according to KUSA-TV’s Mike Klis.

Walton’s group, which includes his son-in-law, Greg Penner, is expected to submit a bid worth about $4.5 billion, according to Mike Ozanian of Forbes.com. Ozanian also reported that Walton is set to become the team’s new owner after winning the bid.

With an estimated net worth north of $60 billion, Walton has long been considered the presumed favorite, but multiple outlets — including USA TODAY — indicated Monday that the Forbes report is premature.

Second-round bids “haven’t been submitted yet and therefore reports about one finalist emerging as a favorite are premature,” Parker Gabriel of USA TODAY Sports tweeted Monday morning.

Meanwhile, Broncos kicker Brandon McManus tweeted Monday that the winning bid will be in the range of $5 billion.

Regardless of whether it’s closer to $4.5 billion or $5 billion, the sale is expected to set a new record price for a sports team in the United States.

Once the bids are submitted on Monday afternoon, the process could move along quickly, with a new owner potentially announced later this month.

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