ENGLEWOOD, Colo — The Walton-Penner group is making changes to its ownership structure that confirm its current setup while also affirming its long-term commitment to the Broncos.
A league source tells 9NEWS that Greg Penner, who has been in charge of the day-to-day operations as the team’s CEO since the group purchased the Broncos 14 months ago, will add the formal designation as the team’s controlling owner. Rob Walton, who had been the Broncos’ controlling owner since the team sale was approved by NFL owners in August 2022, has also transferred a block of his ownership position to Greg and Carrie’s four children.
These changes have been reviewed and approved by the NFL’s finance committee and were recently presented to the full NFL ownership body.
In addition to these adjustments being part of the family’s long-term business and estate plan, they ensure the long-term stability of the Denver Broncos. To be clear, there will be no day-to-day changes for the organization – Rob, Carrie, and Greg will continue their involvement with team and league activities.
The Penner children (Kevin, Andrew, Rachel, and Ashley), who are currently pursuing outside professional and educational opportunities, will not have a formal role or added presence with the team for the foreseeable future.
The Broncos confirmed the 9NEWS report, sharing the following statement:
“The NFL has approved changes to the ownership structure of the Walton-Penner group aligned with the family’s long-term vision for the Denver Broncos. These adjustments, which include designating CEO Greg Penner as controlling owner and transferring a portion of Rob Walton’s ownership stake to the Penners’ children, will not impact the ongoing involvement of Greg, Carrie Walton Penner or Rob.”
The NFL mandates the controlling owner of each club hold a minimum of 30% of the team’s ownership stake. Greg Penner, Carrie Walton Penner and Rob Walton headed an ownership group that purchased the Broncos from the Bowlen Trust for $4.65 billion 14 months ago. The ownership group also includes Mellody Hobson, Lewis Hamilton and Condoleezza Rice, whose stakes in the team are unaffected by this transaction.
Shortly after purchase, 9NEWS confirmed that Rob Walton, who served as Walmart chairman for 23 years before retiring from that position in 2015 and is the oldest son of late Walmart founder Sam Walton, held 34% of the Broncos. Greg Penner, who succeeded Rob Walton as Walmart’s chairman in 2015, and Carrie Walton Penner each held 30% of the team -- for a combined Walton-Penner stake of 94%.
The three other Broncos owners -- Hobson, Hamilton and Rice -- combine to hold the other 6%.
For the Broncos, their fans and the NFL, it appears there are perks to having the chairman of the world’s largest retailer and experience in the corporate and philanthropic worlds.
In addition to their chief roles with the Broncos, Greg and Carrie collectively are on four NFL committees. They have led major investments on both the football and business sides, including the hiring of Sean Payton as one of the NFL’s highest-paid coaches and a record $100 million renovation to Empower Field at Mile High.
Rob, meanwhile, has been a regular presence at Broncos games while providing support to the ownership group and team.
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