ENGLEWOOD, Colo. -- The Denver Broncos say nothing in the club's day-to-day operations or organizational structure will change after the transfer of the franchise's controlling owner designation 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 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," the club said in a statement Wednesday evening.
"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 team added.
According to NFL ownership bylaws, each club must have a designated controlling owner with at least a 30% stake in the team.
While the Penners' four children will receive an ownership stake, they aren't expected to have any role in running the organization.
The Broncos (1-4) are off to a shaky start under new coach Sean Payton, having lost all three of their home games to underdogs, including the New York Jets, whose offensive coordinator, Nathaniel Hackett, was Denver's coach last 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
