Fourteen months ago, the Walton-Penner group purchased the Broncos. At the time, Walmart heir Rob Walton became the “controlling owner.”
Now, Walton’s son-in-law, Greg Penner, has acquired that title.
Mike Klis of 9News.com recently explained the change. Penner, who has essentially been running the team from the moment the sale closed, becomes the one person in charge of the team.
The NFL insists on each team having a single “controlling owner,” who will be the person to cast votes on league matters. Every year, that person must designate the one person who would take over, in the event the controlling owner becomes deceased or incapacitated.
Klis explains that Rob Walton initially owned 34 percent of the team, Penner owned 30 percent, and Carrie Walton (Rob’s daughter and Greg’s spouse) owned 30 percent. Three limited partners — Mellody Hobson, Lewis Hamilton, and Condoleezza Rice — hold a total of six percent.
As part of the shift, four children of Carrie Walton and Greg Penner have received a portion of Rob Walton’s equity in the team.
The moves shouldn’t change things for the Broncos. If anything, Penner’s status as “controlling owner” better reflects the manner in which the team has operated. Rob Walton took a back seat to Penner from the get-go. Penner now officially has his hands on the wheel.
Rob Walton made headlines upon buying the team for becoming the richest of all NFL controlling owners, by far, at nearly $70 billion. Penner’s net worth is not as easily discovered; it seems to be much, much lower than $70 billion.
It’s entirely possible, frankly, that the group needed Rob Walton’s immense personal fortune to make the purchase go smoothly, with the plan being all along that Penner would eventually take the reins. If Penner had attempted to enter as the controlling owner, he might not have had the cold, hard cash necessary to pull it off.
