Tag: Rob Walton

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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Peyton Manning, Sean Payton and Russell Wilson attended the Nuggets’ title game

The Nuggets are NBA champions! Peyton Manning, Sean Payton and Russell Wilson were in attendance to watch Monday’s title game.

Denver Broncos head coach Sean Payton, former quarterback Peyton Manning and current quarterback Russell Wilson were in attendance to watch the Denver Nuggets (4-1) defeat the Miami Heat (1-4) 94-89 in Game 5 of the NBA Finals on Monday night to clinch a title, marking the first championship in franchise history.

Earlier this month, Payton praised Nuggets players for their unselfish play, and he praised team ownership for their accomplishments across sports in recent seasons.

“When I’ve watched them — we all get caught up and you get excited — but the star players are unselfish, and I feel like it’s a team that enjoys each other,” Payton said on June 1. “I’m going to guess that they probably do things together off the court and I don’t know that that’s the case with every team.”

Payton also praised Nuggets ownership. Ann Walton Kroenke, the cousin of Broncos majority owner Rob Walton, owns the Nuggets and Colorado Avalanche. Ann’s husband, Stan Kroenke, owns the Los Angeles Rams and Colorado Rapids.

“When you think of this for a second — in two years, the Kroenkes have won a Super Bowl, have won a Stanley Cup and they’re in a position to win an NBA championship,” Payton said. “I think that’s something that — it’s good to be a Kroenke for the last two years. That’s pretty impressive to have that type of success.”

Payton will hope that success runs in the family as the Walton-Penner ownership group aims to turn the Broncos around quickly after a seven-year playoff drought.

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 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.

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Report: Sean Payton ‘fears a potential power struggle’ with Broncos ownership

The Washington Post’s Mark Maske has the spiciest Sean Payton report yet, says Payton ‘fears a potential power struggle’ with a member of the Broncos ownership group:

The spiciest Sean Payton report so far comes to us from the Washington Post’s Mark Maske, who has an update on Payton’s negotiations with the Denver Broncos. Maske says Payton likes the football setup — coaching Russell Wilson, working with a talented defense — but there’s been a hitch in interviewing with the new Broncos ownership group, and that Payton “fears a potential power struggle” with one of the team’s owners.

Led by Walmart heir Rob Walton but managed day-to-day by his son-in-law Greg Penner and daughter Carrie Penner, the Broncos are owned by a group that includes Ariel Investments co-CEO Mellody Hobson, former United States Secretary of State Condoleezza Rice, and seven-time Formula 1 champion Sir Lewis Hamilton.

So which of those claimants to the throne is muscling Payton out of the job? Whoever his nemesis is, it’s clear he’d rather look for work somewhere he faces less friction and competition from a rogues’ gallery in ownership, much like he enjoyed in New Orleans. It turns out that, maybe, the grass isn’t always greener somewhere else. Sometimes you just need to water it.

Update: Payton rebuffed this report, saying that there is “Zero truth” to Maske’s claim in a rare tweet from his official Twitter account.

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Broncos coach search update: Rob Walton rumor debunked

NFL Network hinted Wednesday that all five teams with head coach candidates seem to be leaning toward non-Sean Payton options.

On Tuesday evening, a video emerged on Twitter of The Times-Picayune‘s Jeff Duncan saying in an interview with Louisiana’s ESPN affiliate radio station that the Denver Broncos’ potential second-round interview with Sean Payton was delayed because team owner Rob Walton was away on a hunting trip. The video has since been deleted it Twitter, but it is still available on Streamable.com.

It seems that Duncan did not expect that nugget of information to reach Broncos Country, but it created a stir on Twitter on Tuesday evening. Troy Renck of KMGH-TV quickly rebutted the report.

“I was told by source that this is not case regarding hunting trip,” Renck tweeted. “#Broncos have taken deliberate approach and will be setting up second interviews. Just nothing known/official yet.”

Duncan himself made a huge retraction shortly thereafter, tweeting this:

Folks, I was told this by someone close to the situation about the reasoning but had not been able to confirm it so I should have never mentioned it in a public forum. I certainly wasn’t “reporting” it and didn’t expect this to become “a thing” in Denver. My regrets & apologies.

So, from the original reporter, the notion that the team’s coaching search was delayed by a Walton hunting trip has been debunked.

It seems that Denver’s search has not been delayed at all. Rather, as Renck noted, the team is simply being methodical in their process. Meanwhile, the chances of Payton staying at Fox seem to be increasing.

The Broncos “seem to be focusing their attention elsewhere,” according to NFL Network’s Ian Rapoport. “Not saying he’s [Payton is] out, but they do seem to be focusing elsewhere.” Rapoport indicated on Wednesday that all five teams with head coach openings could end up with non-Payton options.

The wait continues.

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Broncos’ ownership to make $100-plus million upgrades to stadium

When the upgrades are complete, the Broncos will have the fourth-largest single scoreboard in the NFL.

Following the Walton-Penner ownership group’s acquisition of the Denver Broncos in June 2022, rumors of a new stadium have run rampant across the Denver metro area.

That might happen down the road, but the team’s new ownership group is first focused on upgrading the team’s current stadium. The Broncos announced this week that the team is making more than $100 million worth of upgrades to Empower Field at Mile High.

The upgrades will include, per a press release:

  • an expansion of the south stand scoreboard by 70 percent. Upgrade the south scoreboard, two other in-stadium video boards and the ribbon boards to HDR quality.
  • Premium hospitality area upgrades to corridors and suites.
  • Wi-Fi enhancements to Empower Field at Mile High.
  • Significant concession upgrades to fans, expanding the Broncos’ sports industry-leading deployment of autonomous markets within the stadium.
  • A 3,000-square-foot expansion of the Broncos Team Store, including the installation of customer restrooms for the first time.
  • Installation of two new elevators to increase access for ADA patrons and guests. Those elevators will be located in the east and west sides of Empower Field.

“This significant investment in Empower Field at Mile High — the largest in the stadium’s history — demonstrates the deep commitment by the Walton-Penner Family Ownership Group to immediately and continually provide the best possible experience for our fans,” Broncos president Damani Leech said.

On Wednesday, NFL owners voted in approval of a G-4 financing loan for the team to begin the upgrades.

The south stands scoreboard expansion will arguably be the largest project. By the end of its completion, it will be the fourth-largest single scoreboard inside an NFL stadium. All upgrades will begin after the 2022 season ends, and be completed before the 2023 season commences.

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Broncos’ new ownership group began showing interest in buying team 10 years ago

“The Broncos are the one sports franchise that we would have considered buying,” Rob Walton said.

Earlier this month, a group led by Walmart heir Rob Walton completed a $4.65 billion purchase of the Denver Broncos.

The team was put up for sale earlier this year, but Walton and his son-in-law, Greg Penner, had been eyeing them up for a decade. At the time, the team wasn’t for sale. There were opportunities to buy other sports teams over the last decade, but Walton and Penner remained focused on the Broncos.

“We contemplated the idea of other sports franchise but if we were going to do something, this was going to be it,” Penner said at an introductory press conference on Aug. 10. “We live and work in Colorado. The NFL is just an incredible platform and the Broncos with what they mean to this region and the success that they have had. If we were going to buy any team, this was the team.”

The group had to be patient, but when the opportunity did arise to buy the team, they acted quickly.

“The Broncos are the one sports franchise that we would have considered buying,” Walton said on Aug. 9. “Greg, as he mentioned, started a conversation some 10 years ago about it. Then the team actually announced it was for sale early this year, and we got in the middle of it first thing.

“We had been talking about it, and we have connections. Greg and Carrie live in Colorado, and I’ve been going to Colorado and have had a home there for long, long time. [I have] other family members there. [It’s] a great connection for us, and we’re really, really excited about it. It’s a terrific team and terrific fan base.”

The team’s new ownership group has plenty of resources to pour into the team, but they’ll take a hands off approach with roster decisions. Walton is the majority owner but Penner, the new CEO, will handle the team’s day-to-day ownership duties. Penner will allow general manager George Paton to run football operations, which is a smart decision.

Penner will handle the business side while Paton handles the football side, a partnership that fans in Denver hope will lead to on-field success.

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Broncos owners won’t interfere with football decisions

Denver’s new ownership group won’t interfere with football decisions, allowing Broncos GM George Paton to manage the roster.

The Denver Broncos have a new ownership group with Walmart heir Rob Walton serving as the majority owner and Greg Penner stepping into chief executive officer duties as a co-owner.

The ownership group will have the final say on everything, but they’ll focus primarily on the business side of the team. Walton won’t become the new Jerry Jones — Denver’s ownership group doesn’t plan to interfere with the team’s roster decisions.

“We’re big believers in empowering people,” Penner said last week. “We love football … but we’re not going to be calling plays. We’re not going to be drafting players. We’re going to empower this team led by George Paton and Nathaniel Hackett to make those key decisions. Obviously, part of this fun is learning and understanding and all of that but we’re going to be [making the football decisions]. They’re going to make the football decisions.”

Paton will still be in charge of the team’s roster decisions and the owners will aim to give him the resources required to compete for titles. That certainly sounds like a recipe for success.

“The big vision is that we want to win football championships,” Penner said. “We want to do it in the right way. The first place you have to start is with the people. And on the football side, we couldn’t be more excited about what we have, with George, Nathaniel, Russell [Wilson] in place.”

It seems that Walton will have a pretty hands-off approach, with Penner handling the day-to-day duties while serving as the face of the ownership group. Walton is ultimately the controlling owner, though, and he has one goal in mind.

“Our number one priority is putting a winning team on the field to win Super Bowls for Broncos Country,” Walton said.

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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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