The Denver Broncos, based in Englewood, Colorado, have announced that there will be no changes in the club’s daily operations or organizational structure following the franchise’s controlling owner designation being transferred from Rob Walton to his son-in-law, CEO Greg Penner.
Penner and Carrie Walton Penner, Walton’s daughter, have run the team since the Walton-Penner Family Ownership Group bought the franchise from the Pat Bowlen Trust in August 2022 for a then-record $4.65 billion.
The club announced Wednesday evening that the NFL has sanctioned modifications to the ownership structure of the Walton-Penner group, in line with the family’s long-term vision for the Denver Broncos.
The team added that the adjustments, such as appointing Greg Penner as the CEO and controlling owner, and shifting part of Rob Walton’s ownership stake to the Penner’s children, will not affect the continuous participation of Greg, Carrie Walton Penner, or Rob.
The NFL ownership bylaws mandate that each club must have a designated principal owner who holds at least a 30% share in the team.
Although the Penner’s four children are set to receive an ownership stake, they are not anticipated to take any part in managing the organization.
Under the new coach Sean Payton, the Broncos (1-4) have had a rough beginning, losing all their three home games to unexpected winners. This includes a loss to the New York Jets, whose offensive coordinator, Nathaniel Hackett, served as Denver’s coach in the previous season.
The Broncos visit Kansas City on Thursday night and will try to snap a 15-game losing streak to the Chiefs (4-1).
Copyright 2023 by The Associated Press
