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Back in March, when the Broncos had been on the market for less than two months, president/CEO Joe Ellis wasn’t disclosing the top contenders to buy the franchise, but he had already identified the top issue for the to-be-determined ownership group.
“How do (they) proceed long-term when it comes to the stadium?” Ellis said during the NFL’s Annual Meeting in Palm Beach, Fla.
The next owners are expected to be a group headed by Walmart heir Rob Walton along with son-in-law Greg Penner, daughter Carrie Walton-Penner and businesswoman Mellody Hobson. The Broncos agreed to a sale agreement late Tuesday night for $4.65 billion.
Ellis said the stadium issue — improving the current stadium, Empower Field at Mile High, or building a new one — will be an “interesting challenge” for new ownership.
“There is a tremendous real estate opportunity on the south end of the stadium, which has a master plan that at one point was approved by the city (in July 2019) to move forward and do a significant mixed development of office, retail, housing, possibly a hotel, maybe some small entertainment venues that can really bring vibrancy to that area,” Ellis said.
The current stadium opened in 2001 at a projected $360 million cost. A Denver metro area tax, approved by voters in November 1998, paid for an estimated $270 million of the stadium. Since opening, the stadium has undergone $30 million in improvements in 2012 and $8.3 million in upgrades to enhance the city’s bid to host games in the 2026 World Cup.
“I believe the stadium is in good shape,” Ellis said. “We believe there are significant upgrades that need to be done and can be done to improve it and keep up with many of the others around the league.
“Will it ever be SoFi (in Los Angeles) or Allegiant (in Las Vegas)? Probably not, so that’s something a new owner has to look at. There are all kinds of things that go into evaluating a new stadium and most important, how much is it going to cost and what does your investment (produce) on return?”
Rob Walton’s net worth as of Wednesday morning was $58.3 billion (22nd in the world), according to Forbes. His family has the financial resources to pay for a new stadium without asking for public assistance.
In Los Angeles, Rams owner Stan Kroenke, who is married to Rob Walton’s cousin Ann, paid for all of SoFi Stadium ($5.5 billion). Another venue that opened in 2020, Las Vegas’ Allegiant Stadium, cost $1.9 billion and included $750 million in public financing.
Earlier this year, the Buffalo Bills and the state of New York agreed to a new stadium plan and the state agreed to pick up a record $850 million of the estimated $1.4 billion cost.
Location of a new Broncos stadium and whether it will be no roof, permanent roof or retractable roof will impact a potential cost, too.
“It’s a challenge and something (a new owner will) have to look at right away for sure,” Ellis said. “It will be very interesting and from a big-picture business perspective, that will be No. 1 on the next owner’s plate.”
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