This morning, the Colorado Rockies announced that Greg and Carrie Penner, owners of the Penner Sports Group, have become minority owners in the baseball franchise. Major League Baseball has approved the agreement.
With this move, the Penner Sports Group — which also owns a stake in the Denver Broncos — will become
the largest minority partner of the Colorado Rockies.
However, the Montfort family will remain the majority owners. Dick Monfort will continue as chairman and CEO while Charlie Monfort remains as owner/general partner. In addition, Walker Monfort will continue as the Rockies president and oversee day-to-day operations.
According to the Rockies, “This investment from Penner Sports Group will support both short and long-term strategic planning for the Rockies. It will allow the Club to retire all outstanding debt while providing additional investment in the team as well as a world-class family-friendly experience at Coors Field.”
“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,” Dick 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.”
Monfort sees this move as position the Rockies for “long-term sustained success.”
The Penners are equally enthusiastic.
“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.”
They added, “While our focus remains firmly on the Broncos, we look forward to being supportive, long-term partners of the Rockies and Major League Baseball.”
Given the success the Broncos have seen, the Penner Group’s decision to invest in the Rockies marks another radical change in a Rockies organization that has seen significant restructuring since last season, mostly notably with Greg Feasel’s decision to retire and Walker Montfort’s becoming the Rockies president.
The move will also allow the Rockies to begin competing with other big-market MLB teams.
This is a development story. Purple Row will provide more information as it becomes available.
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