colorado rockies are bringing denver broncos Owners Greg Penner and Cary Walton Penner through a minority investment from Penner Sports Group.
Rockies President and CEO Dick Monfort and owner/general partner Charlie Monfort announced the deal Friday. It is sanctioned by Major League Baseball.
According to multiple reports, Penner Group is buying about 40% of Rockies’ stake. The group becomes the largest minority partner for the Rockies, a team Forbes values at $1.68 billion.
Dick and Charlie Monfort will continue in their roles, with Walker Monfort serving as team president. The Rockies said this investment allows the club to “repay all outstanding debt” in addition to providing an improved experience at Coors Field.
“Greg and Carey have proven that they have the same passion for our region and a strong commitment to competing at the highest level,” Dick Monfort said in a statement. “We are thrilled to add him to the Colorado Rockies ownership group as we best position this franchise for long-term continued success.”
The Rockies are off to a 6-7 start this season. They made major changes in the offseason after suffering 100 or more losses for the third consecutive year. The front office is now led by president of baseball operations Paul DePodesta and general manager Josh Byrnes.
The Walton-Penner family ownership group purchased the Broncos from the Pat Bowlen Trust in August 2022 for a then-record $4.65 billion. Walmart heir Rob Walton is also an owner, while Formula 1 driver Lewis Hamilton, Mellody Hobson and former US Secretary of State Condoleezza Rice serve as limited partners.
Denver made it to the AFC Championship Game last season before losing 10-7 new England Patriots.
“While our focus remains firmly on the Broncos, we look forward to being a supportive, long-term partner of the Rockies and Major League Baseball,” Penners said in a statement. “We have enjoyed getting to know the Monforts and are grateful to have Dick and Charlie join the Rockies’ ownership group along with the other partners.”
The Associated Press contributed to this report.
