Denver Broncos owners Greg Penner and Carrie Walton Penner officially became minority owners of the Colorado Rockies on Friday.

Rockies chairman and CEO Dick Monfort and owner/general partner Charlie Monfort announced the agreement with the Penner Sports Group, a deal that has been approved by Major League Baseball.

Multiple reports said the Penners are buying approximately a 40% stake in the Rockies, a franchise that Forbes has valued at $1.68 billion.

“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 said the investment from the Penners allows the team to retire all of its outstanding debt and provide an enhanced fan experience at Coors Field, the 31-year-old ballpark in downtown Denver.

Dick and Charlie Monfort will continue in their roles and Walker Monfort is the team president.

Coming off three straight 100-loss seasons, the Rockies entered Friday with a 6-7 record under manager Warren Schaeffer.

–Field Level Media