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L.A.-BOUND ANSCHUTZ EXITS DENVER ARENA PROJECT
Published September 28, 1995
The Comsat Entertainment Group announced yesterday that the Anschutz Corporation has decided to terminate its involvement with Denver's Pepsi Center. Comsat has informed the city it intends to continue the project. Comsat Entertainment President Charlie Lyons: "We will work diligently to construct an arena and entertainment complex there for the Denver Nuggets and the Colorado Avalanche to play in beginning not later than the 1998- 1999 seasons" (Comsat). Bob Sanderman, President of Anschutz Properties: "To the Avalanche and Nuggets, it means little." Denver Mayor Wellington Webb: "From my perspective, the only change is the makeup of the partnership group." Philip Anschutz has a purchase agreement with the L.A. Kings, who are presently in bankruptcy proceedings. It is not known whether Anschutz's pull-out will affect the arena's site. Anschutz owns the land where the Pepsi Center was planned (AP/Colorado Springs GAZETTE- TELEGRAPH, 9/28). TAKING STOCK: Comsat expects to post a $16M loss in the third quarter. The company said the loss would include a $32M charge in the quarter as it restructures its various divisions" (WASHINGTON POST, 9/28).