Power of Caring
  presented by CIGNA

Package deal

Ascent to sell Nuggets, Avs, Pepsi Center to Lauries

Click here for more on this story

Posted: Monday April 26, 1999 03:16 PM

DENVER (AP) -- Ascent Entertainment Group Inc. has agreed to sell the Denver Nuggets, the Colorado Avalanche and the teams' future home, the Pepsi Center, to a partnership controlled by Bill Laurie and his wife, Wal-Mart heiress Nancy Walton Laurie of Columbia, Mo.

Charlie Lyons, currently chief executive officer of Ascent Entertainment, will become president of the partnership and will own an interest in the partnership, the company said today.

The deal includes $260 million in cash and about $140 million in financing obligations for the Pepsi Center, Ascent said.

Closing on the transaction is set for June 30. Lyons will continue as the CEO of Ascent Entertainment Group until the closing, after which he will become president of the new sports company.

"Our goal over the past year has been to rationalize the structure of Ascent Entertainment Group," said Lyons. "With the sale of Beacon Communications and our sports assets, we have greatly strengthened Ascent's balance sheet, and made it a stronger and more tightly focused company."

Laurie, a former standout basketball player at Memphis State, met Nancy Walton while the two attended high school in Versailles, Mo. They own Crown Center Farms in Columbia, Mo., which raises quarter horses and Appaloosas.

Laurie said his group is looking forward to "bringing more championships to the Rocky Mountain West and to becoming valued friends of the Colorado community."

The transaction is subject to the approval of the NBA, NHL, and the City and County of Denver.

Ascent acquired its ownership in the Nuggets through a series of transactions from 1989 to 1992 at a total cost of $60.2 million and acquired the Avalanche in 1995 at a cost of $75.8 million.

Ascent's equity investment in the Pepsi Center and related development property is approximately $25 million, not including the arena indebtedness.

 

Related information
Stories
Denver beats Warriors in first game since shooting With Game 1 in hand, Avalanche rely on road rules
Multimedia
Click here for the latest audio and video
Search our site	Watch CNN/SI 24 hours a day
	Sports Illustrated and CNN have combined to form a 24 hour sports news and information channel. To receive CNN/SI at your home call 1-888-53-CNNSI.