Broncos owners buy 40 percent stake in Rockies, providing financial boost to MLB team

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Ron Chenoy / USA Today via Imagn Images Share full article1The Colorado Rockies got a major financial boost Friday with the addition of Greg Penner and Carrie Walton Penner, who lead the Denver Broncos’ ownership group, as minority owners. Penner Sports Group will be the largest minority partner in the Rockies organization, CEO Dick Monfort said in a statement. The group will own roughly 40 percent of the team, major-league sources confirmed to The Athletic. The Rockies said the deal will eliminate their outstanding debt and allow them to provide additional investments in the team in both the short and long term. The news comes after an eventful offseason for the Rockies, who hired a new president of baseball operations, Paul DePodesta, and added more than a dozen staffers to a baseball operations staff that was previously one of the smallest in MLB. “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,” Monfort said. “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.” The Penner group bought the Broncos in 2022 for a then-record price of $4.65 billion. The Broncos made their first playoff appearance in nine years during the 2024 season and reached the AFC Championship Game last season. Penner Sports Group will open a new $175 million training facility for the Broncos later this year and has announced a preferred site for a new stadium in Denver, with a targeted opening date of 2031. The Rockies are coming off their third consecutive 100-loss season and have had just eight winning seasons in their 33-year history. Still, the team averaged roughly 30,000 fans per home game last year. “We are excited to expand our commitment to the Denver sports community through a minority partnership with the Colorado Rockies,” Greg and Carrie Penner said in a 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. “Our family’s had such a positive experience with the Broncos, reinforcing our interest in partnering with another team in this dynamic sports market.” Penner Sports Group’s new involvement with the Rockies will have no impact on its control of the Broncos. Dick Monfort will remain the Rockies’ chairman and CEO, and Charlie Monfort will remain the team’s owner and general partner. The team promoted Walker Monfort, Dick’s eldest son, to executive vice president last year. Walker has helped lead the charge in the organization, bringing in outside voices and modernizing its operation. Speaking to The Athletic earlier this month, Walker said, “There’s a sense of urgency every day to get continuously better. We want to be best in class, we want to be a perennial playoff contender. That’s why we do this. … “I think there’s an understanding that things don’t happen just overnight, right? It does take time at times. We can’t go out and have a $350 million payroll. Our business, it doesn’t work. And so, with what we have to work with, I think it’s about just getting the best return on how we invest. And whether that’s through players or technology or people, personnel, that’s what Paul and our team are tasked with, is let’s get us on the right track.” Spot the pattern. Connect the terms Find the hidden link between sports terms