PEPSI CENTER ON ICE OVER NEW LEASE ISSUES

          Denver Mayor Wellington Webb said yesterday that "new
     issues have surfaced" regarding the proposed Pepsi Center
     deal between the city and Ascent Entertainment which "could
     delay" the 25-year agreement, according to Snel & Martinez
     of the DENVER POST.  The issues "are not deal-busters," and
     despite the "new snags," the City Council voted yesterday 8-
     4 to give initial approval to the agreement.  The hope is
     that the problems can be "hammered out" during the next week
     and that "final approval" can be granted at a meeting next
     Monday.  Without the city's final approval, Ascent "cannot
     begin construction" of the new $165M arena.  Some of the
     issues raised include the city "having no veto power" if
     Ascent sold either the Avalanche or the Nuggets to a new
     owner;  Ascent "stripping all the revenue" from the arena if
     either team was sold; and the requirement that the city
     "subsidize and run" the arena without "retaining any
     revenue" from it if Ascent defaults (DENVER POST, 10/21).