Report: Broncos new owners planning $100M of renovations to Mile High

On their first day as new owners of the Denver Broncos, the Walton-Penner Family Ownership Group (WPFOG) was asked if building a new stadium was in their plans.

Robson Walton, his daughter Carrie Walton-Penner and son-in-law Greg Penner declined to answer the question. Penner said it was “premature” for those discussions to be happening. The future of Empower Field at Mile High appears murky, as it opened in 2001 and doesn’t have the traditional bells and whistles of new and much more modern stadiums.

Considering Walton’s net worth is estimated at around $62 billion, making him by far the richest owner in the NFL, many believe he will finance his own new stadium when the time comes.

A report from Sports Business Journal on Friday says while the Broncos continue to play at Mile High, the WPFOG wants the experience to be better for the fans. They are apparently planning $100 million in improvements, with some of the money coming as a loan from the NFL.

According to sources, the @Broncos are planning a $100M refurbishment to Empower Field at Mile High 🏟

The team is seeking a loan through the NFL’s G-4 program for the work, which is subject to a vote of fellow owners next week.

(via @BenFischerSBJ) pic.twitter.com/g517AHOTd1

— Sports Business Journal (@SBJ) December 9, 2022

The NFL’s G-4 program means teams can seek up to $250 million for stadium renovations. They can re-pay it over 15 years though revenues generated by premium seating. As the tweet above mentions, fellow owners have to approve the loan. A Broncos source on Friday night clarified that the WPFOG will be paying for most of these $100 million improvements on their own, with a very small percentage coming from the G-4 loan.

However, what’s a mystery is how the money would be used. $100 million is a lot of cash, so there will be significant upgrades. Whether that be in seating, the playing field, luxury areas or more is to be determined.

The team source also stressed that this doesn’t impact potential plans for a new stadium. That’s to be determined, with these upgrades helping improve the current stadium — for however long the Broncos continue to call Empower Field at Mile High home.

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