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COMSAT SPORTS DIVISION FLOATS THREAT OF TWO-TEAM RELOCATION
Published December 1, 1995
Ascent Entertainment Group Inc., a division of Comsat formerly known as Comsat Entertainment, stated in its initial public offering that "if the company decides it's unfeasible" to build the $135M Pepsi Center in Denver, "it could move the venue" -- and Nuggets and Avlanache -- out of the city or state. In the current DENVER BUSINESS JOURNAL, Paula Moore reports while sources say moves of the teams are "not imminent or even actively being considered right now," Ascent's statement "is a demonstration to prospective shareholders that it has considered all its alternatives on the Pepsi Center issue." Although the teams have leases with the city and county of Denver at McNichols Arena through 2008, Ascent has told the city its teams won't play in an "aging, unprofitable" McNichols Arena in '98. Moore writes, "One reason Ascent wants to beat a path out of McNichols is that it expects the Avalanche to lose money as long as it plays there." Moore adds the Nuggets are profitable, but "not that profitable." Comsat wants the Pepsi Center in Denver's Lower Platte Valley to be ready by the '98-99 and is offering 20% of its assets in the IPO. Plans were to begin construction this year, but a rift with former partner (now current Kings part- owner) Phil Anschutz ended those plans. Ascent now "is crawling toward" purchasing a site in the Central Platte Valley near downtown and Coors Field (DENVER BUSINESS JOURNAL, 11/24-30 issue).