Penner has been CEO of the franchise since 2022. (Matthew Stockman/Getty Images)

The Denver Broncos, of American football's National Football League (NFL), has designated its chief executive Greg Penner as the new controlling owner of the franchise, succeeding Rob Walton. 

The Broncos organization has stated that the day-to-day operations of the franchise will remain the same as before, as Penner will remain in operational control.

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As part of the change, Walton will partially reduce his ownership stake in the franchise, transferring a part of it to the Penners’ children, who themselves are not expected to have any input into the running of the team.

The NFL states that franchises must have a designated controlling owner among their ownership groups that control at least 30% of the ownership stake.

The exact status of each member of the group’s stake is unknown, however, it is known that the ownership group is majority-controlled by the Walton family.

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Walton purchased the team alongside his daughter Carrie Walton Penner, Rob Penner’s wife, in 2022, and Greg Penner has been the chief executive of the franchise since the purchase.

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The $4.65 billion fee was, at the time, a record fee for a sports team. That record has since been dethroned by fellow NFL franchise the Washington Commanders, which sold for $6.05 billion just over a year later.

Walton’s wealth has come from the inheritance of the mass family fortune derived from the Walmart retail empire, the world’s largest retailer. A son of the chain’s co-founder, Walton chaired the company from 1992 to 2015.

Other members of the Broncos ownership group include motor racing icon Sir Lewis Hamilton and US politician Condoleezza Rice.