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Broncos' Owner Sounds Off on State of the Franchise for 2024 Season
The Denver Broncos owner spoke with the media at the annual offseason coaches meeting.
If you were to ask a dozen people what the current state of the union is at Denver Broncos headquarters, you’d likely get a host of different answers, with uncertainty being the common theme. Some refer to Denver’s current situation as a total rebuild, remodel, reload, deconstruction, reverse-engineering feat, or a whole differing set of colorful language that laments Broncos Country’s exhausting frustration for seven consecutive losing seasons.
Broncos coaches and front office executives led by controlling owner Greg Penner have been in Orlando, FL this week to attend the NFL’s annual owner’s meetings that discuss league rules and procedures and prepare all 32 teams for the upcoming season.
9News’ Mike Klis caught up with the Broncos CEO, who insists that the generic term ‘rebuild’ doesn’t define the state of Denver’s team:
“What we’re trying to do is build this in the right way for sustained success,” Penner revealed to Klis.
“I’m not sure what the right term for that is, what you want to call it. I can tell you we don’t think there are quick fixes or shortcuts. We’ve got to make some tough decisions that enable us to be successful not just in the future, but I think it will help us for this coming season as well. Our goal is to build on the improvements we had last year, and every day, we’re going to make decisions that are going to put us in a better place to win. There’s no one more competitive than Sean [Payton] and passionate, and he and I, everybody in the organization, wants to win this season.”
The Walton-Penner Ownership group completed the $4.65 billion sale of the team in August 2022, and that Fall it was announced that Penner was designated the controlling owner of the Broncos.
His father-in-law, Robert Walton, is currently the wealthiest of all controlling NFL owners with an estimated $70 billion net worth and 34% ownership stake, while his daughter Carrie Walton-Penner controls 30% ownership, as does her husband Greg with 30%. Melody Hobson, Lewis Hamilton, and Condoleezza Rice comprise the rest of the group, with 6% ownership in the team.
In his two seasons overseeing the team, Penner has witnessed a 13-21 team record with a 0.619 win %, a 9-8 home record, a last-place divisional finish in 2022, and a third-place finish in the AFC West last season.
Meanwhile, his ownership group has been cutting checks and spending money.
Like the $37.8 million guaranteed portion of Pittsburgh Steelers QB Russell Wilson’s 2024 salary, a move stemming from GM George Paton’s five-year $245 million extension with Russ after the team sale in 2022. There’s also the high-priced contract of HC Sean Payton to the tune of $18 million per season after Denver acquired the coach from the New Orleans Saints last offseason.
Then there’s the $235.1 million free agency shopping spree that the Broncos went on in 2023 to ink players the likes of Mike McGlinchey, Ben Powers, Zach Allen, and Jarett Stidham. Not to mention the $100 million spent in 2023 for stadium upgrades, which include a new scoreboard, concessions, murals, suites, team stores, elevators, and improved Wi-Fi capabilities.
It was also announced last year that the Broncos entered a 10-year partnership with CommonSpirit Health (formerly Centura Health) as Denver’s newest owners have engulfed themselves in ‘The Mile High City’ through various corporate sponsorships and budding new relationships.
Penner also shared with Klis that the team plans to replace the artificial surface at the Pat Bowlen Fieldhouse soon, something generally with a 20-year shelf life. However, the club feels it is crucial to upgrade just ten years into its original wear.
So, with all this investing in a new city, renovating the stadium, and upgrading the practice facilities, shouldn’t Penner expect an ROI in the form of winning football games?
“It’s been really exciting and getting to know this fan base has been terrific for Carrie and I and Rob (Walton) and the rest of the ownership group,” Penner explained when asked about the Broncos on-field results.
“Yeah, we get frustrated when we don’t win at the level we would like to. So, there have been some highs, there have been some lows. We want more highs in the future. But again, we’re going to build this in the right way so that we can be in a position to win as much as we possibly can every year and have the most competitive team. I have a lot of confidence in our leadership team on the coaching side and personnel that we can do that.”
Surely, the Walton-Penner Ownership group didn’t become the financial savant they are by executing poor business decisions with poorly managed personnel.
The only manner in which the business of the Broncos can be whole-heartedly saved is through ushering in an era of winning an abundance of football games, something that hasn’t happened here for a very long time
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