Menu
Franchises

ASCENT PAYS EXPENSES AFTER DEAL; DIGGING IN DON STURM'S PAST

          Ascent Entertainment "ran up a" $23M bill while selling
     the Nuggets, Avalanche and Pepsi Center, according to Erika
     Gonzalez of the ROCKY MOUNTAIN NEWS.  The $23M includes
     investment bank and attorney fees as "well as due diligence
     and termination costs for Bill and Nancy Laurie," who
     dropped out of the bidding after declining to match Donald
     Sturm's $461M bid for the sports properties.  Ascent
     "expects to report a gain" of more than $150M from the
     transaction in the third quarter (ROCKY MTN NEWS, 7/30). 
     The DENVER POST's Stephen Keating reports $61M of the deal
     will be put "aside for a variety of payments."  A "big
     portion" of that will go toward paying Liberty Media for its
     6.5% ownership of the sports assets (DENVER POST, 7/30).
          STURM'S PAST PROFILED: In Denver, John Rebchook reports
     that Sturm was "involved in an insider stock trading
     allegation" in '88 when the SEC "claimed that Sturm ... had
     violated its anti-fraud provisions by helping a friend
     engage in insider trading."  Sturm denied wrongdoing, and
     paid back all stock investment profits earned by the friend. 
     Sturm's attorney Paul Jacobs: "I did know about that and it
     has been disclosed to the leagues.  It's not an issue at
     all."  NBA and NHL execs "declined to" specifically discuss
     the SEC situation (ROCKY MOUNTAIN NEWS, 7/30).
     

SBJ Morning Buzzcast: March 25, 2024

NFL meeting preview; MLB's opening week ad effort and remembering Peter Angelos.

Big Get Jay Wright, March Madness is upon us and ESPN locks up CFP

On this week’s pod, our Big Get is CBS Sports college basketball analyst Jay Wright. The NCAA Championship-winning coach shares his insight with SBJ’s Austin Karp on key hoops issues and why being well dressed is an important part of his success. Also on the show, Poynter Institute senior writer Tom Jones shares who he has up and who is down in sports media. Later, SBJ’s Ben Portnoy talks the latest on ESPN’s CFP extension and who CBS, TNT Sports and ESPN need to make deep runs in the men’s and women's NCAA basketball tournaments.

SBJ I Factor: Nana-Yaw Asamoah

SBJ I Factor features an interview with AMB Sports and Entertainment Chief Commercial Office Nana-Yaw Asamoah. Asamoah, who moved over to AMBSE last year after 14 years at the NFL, talks with SBJ’s Ben Fischer about how his role model parents and older sisters pushed him to shrive, how the power of lifelong learning fuels successful people, and why AMBSE was an opportunity he could not pass up. Asamoah is 2021 SBJ Forty Under 40 honoree. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

Shareable URL copied to clipboard!

https://www.sportsbusinessjournal.com/Daily/Issues/1999/07/30/Franchises/ASCENT-PAYS-EXPENSES-AFTER-DEAL-DIGGING-IN-DON-STURMS-PAST.aspx

Sorry, something went wrong with the copy but here is the link for you.

https://www.sportsbusinessjournal.com/Daily/Issues/1999/07/30/Franchises/ASCENT-PAYS-EXPENSES-AFTER-DEAL-DIGGING-IN-DON-STURMS-PAST.aspx

CLOSE