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DENVER (KDVR) — After news that Joe Ellis was stepping down as the CEO of the Denver Broncos, it was announced Wednesday that one of the new owners of the team will take over those responsibilities.

During an introductory press conference, owner Rob Walton announced his son-in-law and fellow owner Greg Penner will take over the role. Penner is also the chairman of the board at Walmart.

Ellis announced he will serve as an advisor to Penner and the other owners for the rest of the season.

Penner said the ownership group will work to hire a team president. “Everybody’s going to be involved,” Penner said at an introductory news conference Wednesday.

According to Penner, he will be the main point person for the six-person ownership group.

Penner was asked about John Elway and Peyton Manning, and potential future roles for the team. According to ESPN’s Adam Schefter, the ownership group “has had conversations with Peyton Manning about an advisory role in the organization that eventually could mean being a part of the ownership group and having equity in the franchise.”

“We’re going to learn from both of them, I think it’s going to be a really good relationship,” Penner said.

Penner would not comment on getting a long-term contract done with new quarterback Russell Wilson but pointed out his leadership and his excitement that the organization traded for the Super Bowl champion prior to the purchase.

When asked about the future of Empower Field at Mile High, Penner said, “we don’t have a view on that yet.”

“At this point, Empower Field at Mile High is a terrific facility,” Penner said they have time to make considerations considering the ten years left on the team’s lease on the stadium.

Here is a look at who is a part of the ownership group:

Penner said the sale officially closed Wednesday morning, so there are still a lot of moving parts and analysis to be completed.