Tag: Owner

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.

Follow the Broncos Wire Podcast:
Apple Podcasts | Spotify | Google Podcasts

[lawrence-auto-related count=5 category=482983128]

Broncos coach Sean Payton impressed owner Greg Penner in 2023

“He’s establishing a culture here based on performance, excellence, hard work and accountability,” Greg Penner said of coach Sean Payton.

In terms of a winning season and playoff berth, new Denver Broncos coach Sean Payton did not produce instant results in his first season with the club.

The Broncos finished below .500 (8-9) and missed the postseason in 2023, but team owner/CEO Greg Penner still came away impressed by Payton’s job performance.

“Really good,” Penner said of Payton during his end-of-season press conference last week. “I was impressed with after the 1-5 start, his leadership to bring us back from that adversity and getting into a position to make a playoff push — very impressive. Probably the biggest thing here, in terms of how I think about the future and this organization moving forward, is that he’s establishing a culture here based on performance, excellence, hard work and accountability.

“Again, his focus is on winning. A lot of times that does come out in a very passionate and intense way. I know you all see that. We see it a little bit differently. We see some of that in the building as well, but we also see another side of him. The messages that he has to our players are terrific. He has a great sense of humor. He uses historical anecdotes. We get to see both sides of that, but at the end of the day, he’s focused on winning, and I love that passion.”

Penner knew when he hired Payton that the Broncos would need some time to rebuild and contend for titles. After trading draft picks to acquire Payton and then giving him a big contract, Penner won’t give up on the coach quickly. Payton will be given time turn the program around, and Penner likes what he’s seen from the coach through one season.

Follow the Broncos Wire Podcast:
Apple Podcasts | Spotify | Google Podcasts

[lawrence-auto-related count=5 category=482983128]

10 takeaways from Broncos’ end-of-season press conference

The Broncos held an end-of-season press conference on Tuesday. Here are 10 big takeaways from the presser.

The Denver Broncos held an end-of-season press conference on Tuesday featuring team owner/CEO Greg Penner, coach Sean Payton and general manager George Paton. Here are 10 notable takeaways from the presser.

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.

Follow the Broncos Wire Podcast:
Apple Podcasts | Spotify | Google Podcasts

[lawrence-auto-related count=5 category=482983128]

[vertical-gallery id=620142]

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.

[lawrence-auto-related count=5 category=482983128]

[listicle id=684178]

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.

[connatix div_id=”3f8b015acdd24c648befc5d5dac47469″ player_id=”afe1e038-d3c2-49c0-922d-6511a229f69c” cid=”7cbcea0d-4ce2-4c75-9a8d-fbe02a192c24″]

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.

[vertical-gallery id=620142]

Follow the Broncos Wire Podcast:
Apple Podcasts | Spotify | Google Podcasts

Broncos fans now have yet another reason to dislike Tom Brady

Yet another reason for Broncos fans to dislike Tom Brady — he is now a minority owner of the Raiders.

[connatix div_id=”3f8b015acdd24c648befc5d5dac47469″ player_id=”afe1e038-d3c2-49c0-922d-6511a229f69c” cid=”7cbcea0d-4ce2-4c75-9a8d-fbe02a192c24″]

Denver Broncos fans loved to hate Tom Brady during the former quarterback’s career. Now they have yet another reason to dislike the QB.

Brady is joining the Las Vegas Raiders as a minority owner, the team announced Monday. Brady is now set to serve as a co-owner of the Broncos’ biggest rival beginning with the 2023 season.

Brady went 9-9 against the Broncos during his decorated career, including an 8-6 mark in the regular season and a 1-3 record in the playoffs (his line postseason victory against Denver came when Tim Tebow was quarterback).

Brady also had a rivalry with former quarterback Peyton Manning that started when Manning was with the Indianapolis Colts and continued after No. 18 joined the Broncos.

Brady led the head-to-head series against Manning 11-6 in his career, but Manning had an edge in the playoffs, owning a 3-2 postseason record against Brady (including two playoff wins with Denver).

Brady now joins the AFC West as a minority owner, adding even more fuel to the rivalry between the Broncos and Raiders.

[vertical-gallery id=635692]

Follow the Broncos Wire Podcast:
Apple Podcasts | Spotify | Google Podcasts

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.

[lawrence-auto-related count=5 category=482983128]

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.

Follow the Broncos Wire Podcast:
Apple Podcasts | Spotify | Google Podcasts

[lawrence-auto-related count=5 category=482983128]

Broncos ownership shouldn’t ask fans to help fund new stadium with PSLs

The Broncos have the richest ownership group in the NFL (by far). Those owners should not ask fans to help fund a new stadium with PSLs.

The Denver Broncos sent an email to season ticket holders on Thursday asking them to take a survey about the possibility of renovations to Empower Field at Mile High and the possibility of a completely new stadium.

“Surveys sent to fans regarding our gameday/stadium experience are the next step of the research project we announced in January,” team president Damani Leech tweeted on March 23. “We’ve had great feedback from the focus groups & look forward to learning even more with the surveys. Let us know what you think, Broncos Country!”

The Broncos have not yet officially made a decision on the possibility of a new stadium, but this is a step in a process that could ultimately lead to such a decision being made.

Thursday’s survey link asked questions about the stadium’s location (and how far fans are willing to travel) and the possibility of a roof on the stadium, among other topics. The survey also introduced the possibility of personal seat licenses, a one-time purchase that gives season ticket holders the “right” to buy their tickets each season.

PSLs are hated by fans but loved by teams because they can help fund building new stadiums. One fan on Twitter said he would have to pay almost $15,000 to get PSLs for his three season tickets in the highest section of the stadium.

“If the @Broncos want me to pay nearly $15000 for a PSL for my 3 seats, plus increase the total price per season for those seats by $2400 (to nearly $6000) I’ll be out,” @H_MooreCO tweeted Thursday.

Many fans will feel similarly, but with a long season-ticket waiting list, Denver will likely be able to find other fans willing to pay up. NFL games are already expensive to attend. Adding in PSLs for season ticket holders would make Broncos games even more out of reach for many fans.

“PSL’s price out average-income fans,” @AlamoOnTheRise tweeted Thursday. “If the Walton-Penner group is seeking to wash out longstanding, lower income season ticket holders, PSL’s are the way to go.”

Denver’s front office will point out that nearly every modern NFL stadium has been built with the help of PSLs. Broncos fans can counter, though, that no other NFL team has an ownership group like the Walton-Penner family.

Rob Walton has an estimated net worth of nearly $60 billion. The next-richest owner in the NFL is David Tepper, worth nearly $19 billion. Denver has the richest ownership group in the NFL by a very wide margin.

The Broncos do not have an ordinary ownership group, and they shouldn’t follow the lead of ordinary owners. Every ownership group in the NFL can afford to pay for their own stadium, and Denver’s even more so. Nothing is official yet, but if the Broncos ultimately decide to build a new super stadium, the owners should not ask fans to help fund it with PSLs.

Follow the Broncos Wire Podcast:
Apple Podcasts | Spotify | Google Podcasts

[vertical-gallery id=620142]