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ASCENT SAYS PEPSI CENTER DEAL MUST HAPPEN TODAY
Published October 29, 1997
The city of Denver and Ascent Entertainment "are just 'inches away' from finalizing a deal" on the proposed Pepsi Center, according to Kevin Flynn of the ROCKY MOUNTAIN NEWS. Flynn: "Ascent wants something in writing today saying the deal is imminent, and it appears the firm will get it" (ROCKY MOUNTAIN NEWS, 10/29). Also in Denver, Stephen Keating writes that, although "time is running out," both sides said that a final pact "is close at hand." Still being discussed is how much control the city will have over the arena and the teams "if something goes wrong" over the 25-year life of the lease. Although Ascent Chair Charlie Lyons is "measured and careful" on the record, Keating writes that "[p]rivately, he is agitated." Lyons claims that if the city does not respond positively by 5:00pm today, the lack of a deal "will force" Ascent to "make good on" a $140M loan from NationsBank. Keating: "Ascent said that if it cannot tell NationsBank by Friday that the Pepsi Center is a done deal, the company will be forced to refinance or 'sell assets'" (DENVER POST, 10/29).