Broncos owners buy 40% ownership stake in the Colorado Rockies

A seismic shift has come to the Colorado Rockies.

The Penner Sports Group, which owns a controlling interest in the Denver Broncos, has joined the Rockies ownership group in a move that will have a major impact on Colorado’s Major League Baseball franchise. Rockies chairman and CEO Dick Monfort and owner/general partner Charlie Monfort announced the move on Friday.

Penner Sports Group — the family entity of Greg and Carrie Walton Penner that holds a large stake in the Broncos — now becomes the largest minority partner of the Rockies. Sources told The Denver Post that the Penners are purchasing a 40% share of the Rockies.

Greg Penner will remain CEO of the Broncos, and fellow primary owner Carrie Penner, his wife, will continue on in her various roles with the team. The Penners will have no day-to-day involvement running the Rockies, a source said.

“We are excited to expand our commitment to the Denver sports community through a minority partnership with the Colorado Rockies,” the Penners said in a prepared statement. “This investment from Penner Sports Group reflects our deep appreciation for what the Rockies mean to this region, the passion of their fans and our confidence in the future of the franchise.”

According to Forbes, the Rockies are valued at $1.68 billion, ranking 25th among Major League Baseball’s 30 teams. The Penner Sports Group’s investment has been formally approved by MLB.

The Penner’s investment will help the Rockies become a bigger player in baseball’s current, uneven financial landscape, in which big-market teams like the Los Angeles Dodgers and New York Yankees outspend mid-market teams like the Rockies.

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According to the Rockies, the Penners’ investment allows the franchise to retire all outstanding debt and provides additional capital for the team.

Dick Monfort will continue in his role as chairman and CEO, Charlie Monfort will remain as owner/general partner, and Walker Monfort (Dick’s son) will remain as the club’s president, running day-to-day operations.

“Speaking personally, on behalf of Charlie and our family, our other partners and the organization, we’re excited to welcome Greg and Carrie Penner into the Colorado Rockies ownership group,” Dick Monfort said in a statement. “I’ve had the pleasure to build a strong relationship with Greg and Carrie over the past few years. For many reasons, including their recent success with the Broncos, we know we are gaining much more than just financial support in this partnership with Penner Sports Group.

“Greg and Carrie have proven that they share the same passion for our region and a strong commitment to compete at the highest level. We are thrilled to add them to the Colorado Rockies’ ownership group as we best position this franchise for long-term sustained success.”

Negotiations between the Monforts and Penner have been ongoing for months, sources told The Post.

The Walton-Penner Family Ownership Group, led by Greg Penner, Carrie Walton Penner, and Rob Walton, purchased the Broncos for $4.65 billion in August 2022. The Broncos are in the early in the process, but knee deep on the way to building a new stadium and entertainment complex at Burnham Yard.

“Our family’s had such a positive experience with the Broncos, reinforcing our interest in partnering with another team in this dynamic sports market,” the Penners said. “We’ve enjoyed getting to know the Monforts and are grateful to join Dick and Charlie in the Rockies’ ownership group along with the other partners.

“While our focus remains firmly on the Broncos, we look forward to being supportive, long-term partners of the Rockies and Major League Baseball.”

Dick and Charlie Monfort became the Rockies’ majority owners in 2005. Forbes first valued the Rockies in 1998, just five years after their inception, at $303 million. Since then, the club has appreciated by more than 450%.