Rams co-Owner and Wal-Mart heir Stan Kroenke "is
looking to buy" the Nuggets, Avalanche and Pepsi Center from
Ascent Entertainment, which recently accepted a bid to sell
its assets to Liberty Media for $755M, according to Jim
Weiker of the DENVER POST. Sources close to Kroenke said
that he has visited Denver "at least twice this year to look
at the teams," although Kroenke "would neither confirm nor
deny the reports." Kroenke: "Anything reported is pure
speculation. Negotiations are not going on." Ascent's
General Counsel Arthur Aaron "declined to comment on reports
that Kroenke is looking at the teams," but he "acknowledged
that potential buyers are looking." Kroenke is the brother-
in-law of Bill and Nancy Laurie, whose $400M bid for
Ascent's sports assets was rejected by shareholders last
year, but a spokesperson for the Lauries said that they
"were not involved in the deal." Although NFL rules may
prohibit majority owners from owning NBA or NHL teams
outside their geographic region, Kroenke "could be approved
to buy the teams" since he only owns 40% of the Rams.
However, what Kroenke would pay for the teams "is anybody's
guess." Meanwhile, Ascent's largest shareholder Nelson
Peltz said that he "doesn't know if a deal with a buyer such
as Kroenke could be executed" due to the pending Liberty
deal. Peltz: "I don't think they could do that. I think
they have a contract." But N.Y. investment firm Robotti &
Co. analyst Mario Cibelli said that at this stage "a buyer
would be negotiating with Liberty and not with Ascent."
Liberty's offer expires March 27 (DENVER POST, 3/14).
ASCENT'S DESCENT: Ascent reported yesterday that it
lost $77.6M last year, an increased loss of 56% from '98.
The company's expenses included $13.3M "related to its
unsuccessful attempts last year to sell its sports assets."
The expenses also included $1.9M in severance payments to
former Ascent CEO Charlie Lyons, part of a $3.6M severance
package. Ascent's loss for the quarter ended December 31
was $37.9M, or $1.27 a share, up from a loss of $9.3M, or
$.64 a share, for the same period in '98. Ascent had
revenue of $275.4M in '99, compared to $261.3M in '98. The
company "chalked up most of the losses to operation" of the
Nuggets and Pepsi Center (ROCKY MOUNTAIN NEWS, 3/14).
