Denver billionaire Donald Sturm "emerged as the winner
Monday in the first round of bidding" for the Nuggets,
Avalanche and Pepsi Center with a $461M bid, according to
Gonzalez & Rebchook, who report details of the bid in a
front-page report in the ROCKY MOUNTAIN NEWS. Sturm will
now enter "a high-stakes game of horse" with Bill and Nancy
Laurie, who originally bid $400M for Ascent's sports assets,
but the deal "collapsed amid shareholder lawsuits claiming
the price was too low." The Lauries "must now decide
whether to bid against Sturm in an auction Wednesday at
Ascent's Denver offices." The Lauries' spokesperson Peter
Webb: "We're studying the Sturm proposal." If the Lauries
"walk away," they will receive a termination fee "equal" to
$3.2M, based on Sturm's current bid (ROCKY MOUNTAIN NEWS,
7/27). Sources close to the Lauries said the couple "may
enlist the financial help" of their brother-in-law, Stan
Kroenke, who is part owner of the Rams (DENVER POST, 7/27).
DONALD DIDN'T DUCK: Sturm topped a $438M bid from a
group consisting of George Gillett, Erik Borgen and John
Elway, and a $450M offer by Saudi Princess Thara Saud.
Sturm's current $461M offer is a 15% increase over the
earlier deal negotiated by former Ascent CEO Charlie Lyons.
Ascent investor Nelson Peltz: "This was a good first round.
I am very pleased with the process. Given more time, we
might even have gotten a higher number" (ROCKY MOUNTAIN
NEWS, 7/27). Also in Denver, Keating & Monroe write that
the critics of the Lyons deal "appear to be right," as
evidenced by the new bids. Sportscorp President Marc Ganis:
"The shareholders of Ascent should be delighted that this
thing got rebid. The people who handled the first sale
ought to be embarrassed" (DENVER POST, 7/27).
