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Franchises

ELWAY DOESN'T SOUND AS BITTER AS MCMULLEN OVER FAILED BID

          After losing out in bidding for the Nuggets, Avalanche
     and Pepsi Center to Rams Minority Owner Stan Kroenke, John
     Elway said yesterday that he is "disappointed" but not
     "bitter" with the bid process, according to Steve Caulk of
     the ROCKY MOUNTAIN NEWS.  Elway, whose group of Broncos
     Owner Pat Bowlen and outgoing Devils Owner John McMullen bid
     $425M for the teams and arena, said, "I believe things work
     out for the best.  And Stan Kroenke will put good teams on
     the floor and on the court."  Liberty Media said that
     Kroenke's $423.7M bid won out because it was formal and he
     had no partners.  Elway added that he "fully understand[s]
     where Liberty is coming from."  But McMullen "was not quite
     as understanding" on the failed bid and maintained Tuesday
     that Liberty "dealt unfairly with the group."  McMullen: "If
     there was any difference in the price, it wasn't more than a
     couple of dollars" (ROCKY MOUNTAIN NEWS, 4/26).  Elway: "We
     were definitely behind, and I know that Liberty was
     definitely on a timeline.  They wanted to get rid of the
     assets as quickly as possible" (DENVER POST, 4/26).
          THE BAGGAGE OF MCMULLEN? In CO Springs, Ralph Routon
     calls Kroenke the "right owner" for the sports assets and
     writes that McMullen, who moved the Devils from Denver to NJ
     in '82, was a "gnawing drawback" to the Bowlen-Elway bid:
     "It's hard to imagine anything more revulsive than McMullen
     sharing any glory the Avs, or Nuggets, ever achieve"
     (Colorado Springs GAZETTE, 4/26).  In Denver, Woody Paige:
     "I am not saddened that [McMullen] was spindled, rejected
     and humbled. ... Not only did McMullen grab the team and
     run, like a thief in the night, he also left considerable
     unpaid debts" (DENVER POST, 4/26).
          DETAILS: Liberty announced yesterday that it valued the
     6.5% share in the sports assets that it will retain at
     $18.7M, meaning that Kroenke "will have to come up with
     about" $287.7M when the sale closes on June 30, "depending
     upon the status of advance ticket sales earmarked for next
     season's operations" of the Nuggets and Avalanche.  The deal
     also calls for Kroenke to assume $136M in debt on the Pepsi
     Center (ROCKY MOUNTAIN NEWS, 4/26). 

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