The Denver Broncos' ownership group is expanding into baseball. Greg Penner and Carrie Walton Penner, through Penner Sports Group, have acquired a roughly 40% minority stake in the Colorado Rockies in a deal approved by Major League Baseball.

Dick Monfort and Charlie Monfort announced the transaction Friday. The Penner group becomes the club's largest minority partner in a franchise Forbes has valued at $1.68 billion.

The investment will allow the Rockies to eliminate all remaining team debt while funding upgrades to the fan experience at Coors Field. The Monforts retain their leadership roles, with Walker Monfort continuing as team president.

"Greg and Carrie have proven that they share the same passion for our region and a strong commitment to compete at the highest level," Dick Monfort said in a statement. "We are thrilled to add them to the Colorado Rockies' ownership group as we best position this franchise for long-term sustained success."

The Rockies enter this partnership at 6-7 on the season, following three consecutive 100-loss campaigns. A rebuilt front office — now led by president of baseball operations Paul DePodesta and general manager Josh Byrnes — is steering a rebuilding effort.

The Walton-Penner Family Ownership Group purchased the Broncos from the Pat Bowlen Trust in August 2022 for a then-record $4.65 billion. Walmart heir Rob Walton, Formula 1 driver Lewis Hamilton, Mellody Hobson and former U.S. Secretary of State Condoleezza Rice are among the group's limited partners. Denver reached the AFC Championship Game last season before falling 10-7 to the New England Patriots.

"While our focus remains firmly on the Broncos, we look forward to being supportive, long-term partners of the Rockies and Major League Baseball," the Penners said in a statement. "We've enjoyed getting to know the Monforts and are grateful to join Dick and Charlie in the Rockies' ownership group along with the other partners."