MINNEAPOLIS — Applause came from inside the NFL ownership meeting room here Tuesday at 12:37 p.m. Central Time.
At that moment the Denver Broncos had a new ownership group led by Rob Walton – the oldest son of Walmart founder Sam Walton – Rob’s daughter Carrie Walton-Penner and Carrie’s husband Greg Penner -- after they received all 32 votes from NFL owners in a specially called meeting at the JW Marriott Hotel at the Mall of America.
“We know our fans expectations are high, and we embrace that,’’ said Greg Penner, who will be the Broncos’ day-to-day boss in the way Joe Ellis was the previous 11 seasons. “We’re really anxious to get started and we want to compete and we want to win.”
That’s a start.
“The Broncos were the one sports franchise that we would have considered buying,’’ Walton said. “Greg started conversations some 10 years ago about it.’’
Penner began talking informally with Joe Ellis, who officially resigned Tuesday as the team’s CEO and president, about the possibility of one day buying the Broncos, or about the time owner Pat Bowlen was challenged with the early stages of Alzheimer’s. When the team was put up for sale via auction on Feb. 1, “We got in the middle of it, first thing,’’ said Walton. “We have connections – Greg and Carrie live in Colorado, I’ve been going to Colorado -- I’ve had a home there for a long, long time. Other family members are there so a great connection for us.’’
There will be a grandiose news conference Wednesday afternoon in the team auditorium at UCHealth Training Center that introduces not only Walton and the Penners as the Broncos’ new owners, but their limited partners Mellody Hobson and Condoleezza Rice. Sir Lewis Hamilton is in the midst of his F1 race schedule overseas and cannot attend.
So will the Walton-Penner group – who bought the Broncos for a North American sports record $4.65 billion and immediately become the NFL’s wealthiest owners – build a new stadium that rivals Los Angeles’ SoFi Stadium that their relative Stan Kroenke built for his Los Angeles Rams?
“It’s premature to start talking about a new stadium,’’ Greg Penner said. “I’ll say that Empower Field at Mile High is a world-class facility…We’ve got a good partnership with the Metropolitan Football Stadium District and fortunately have almost 10 years left on our lease. We’ll evaluate all of our options and really dig in and understand the situation before making a decision.”
The ownership transfer from the estate of late Broncos’ owner Pat Bowlen to the Walton-Penner group was well-received by the other NFL owners.
“I’m very excited about it,’’ said Atlanta Falcons owner Arthur Blank. “I know the Waltons well. I knew the father (Sam). They’ll do well.”
Stan Kroenke knows them even better. The owner of the Rams, NBA Nuggets and NHL Avalanche married Rob's cousin, Ann Walton, in 1974
“Excited for Rob, Greg and Carrie and their family and excited to have them in Denver,'' Kroenke said. "I’ve known them for more than 5 decades. I’d say we’re pretty familiar with them, they’ll do a great job. I think it’ll be wonderful for the Broncos and wonderful for the extended community.”
“I have an adult, life-long admiration for the Walton family,’’ said Jerry Jones, owner of the Dallas Cowboys. “They’ll lift the NFL."
“Absolutely good people,’’ Robert Kraft, owner of the New England Patriots.
“First of all they’re tremendous business people,'' said Browns owner Jimmy Haslam. "Sam built one of the great business in all the world. It’s now their third generation and they’re continuing their outstanding business.
"But I think beyond that they’re just great people. They’re from the heartland. They never lost their values. A lot of them stayed there in the middle of the country and they have given back tremendously not only in Arkansas and that part of the world but around the country.
"We’ve done some educational philanthropy efforts with them and I can’t think of a better partner to have, the Walton family. So they’re going to be outstanding and they’ll be great for Denver which has always been a great franchise.”
Mark Davis, owner of the Broncos' rival Las Vegas Raiders, said he offered 100 percent approval of the transaction from the Pat Bowlen estate to Walton-Penner.
“Still want to beat ‘em,'' Davis said.
His Raiders have beat the Broncos four games in a row. Will Denver be tougher to beat now that it has strong ownership?
“No, they don’t play in the games,'' Davis said. "And I thought the Bowlens were a strong ownership group. I thought they did a really good job. They were tough. The AFC West is tough.'’
The new Broncos' era was bittersweet as it also ended the 38-year run in which Bowlen and his trustees ran the Broncos. NFL commissioner Roger Goodell, Walton and the Penners applauded Bowlen’s work, which included seven Super Bowl appearances and three Super Bowl titles.
The three trustees of the Pat Bowlen Trust – Ellis, general counsel Rich Slivka and attorney Mary Kelly – attended the owners meeting. While Ellis will be retained by the Walton-Penner group as an advisor, the trustees have put their leadership with the Broncos behind them.
“Congratulations to the Walton-Penner Family Ownership Group on today’s unanimous league approval for their purchase of the Denver Broncos,’’ Ellis said in a statement. “As I step down as President & CEO, it has been the honor and privilege of a lifetime to be part of the Denver Broncos for 27 seasons. I am forever thankful to our dedicated staff, the players and coaches for making this franchise what it has become today—one of the best organizations in all of sports.
“There are no words to express the gratitude I have toward Pat Bowlen for his trust, friendship and the responsibility to serve the Broncos and this community for nearly three decades. Pat’s legacy of winning, doing things the right way and giving back is unmatched. He is a Pro Football Hall of Famer in every sense for what he has meant to this organization and the National Football League.
“To Broncos Country: From the bottom of my heart, thank you. Your passion and loyalty, especially through the challenges we’ve faced over the last few years, are what make the Broncos so special. You are truly the best fans in the NFL and deserve many, many more Super Bowls.’’
Said Blank of Ellis: “Pat would be very proud of how he’s handled everything. His stability – Pat was an unbelievable human being. Joe did a great job for him.’’
Although Bowlen’s trust stated a desire for one of his children to one day run the sports franchise, there were several factors why the team instead was put up for sale – including the price tag. Had the team sold for $1.1 billion, as was the case with the Buffalo Bills in 2014, the Bowlen children interested in keeping the team within the family may have been able to raise enough capital and handle the tax expense to keep the team in the family.
But the price of an NFL franchise doubled in 2018 when David Tepper bought the Carolina Panthers for $2.2 billion and it more than doubled again in 2022 when Rob Walton, who is worth $57.8 billion, bought the Broncos.
As it stands now, each of Pat Bowlen’s seven children stand to eventually receive $518 million (11.14% each) before taxes and fees from the sale with Bowlen’s brother John, who's about to receive $1.023 billion (22%) gross from the sale.
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