The Comsat Entertainment Group announced yesterday that the
Anschutz Corporation has decided to terminate its involvement
with Denver's Pepsi Center. Comsat has informed the city it
intends to continue the project. Comsat Entertainment President
Charlie Lyons: "We will work diligently to construct an arena
and entertainment complex there for the Denver Nuggets and the
Colorado Avalanche to play in beginning not later than the 1998-
1999 seasons" (Comsat). Bob Sanderman, President of Anschutz
Properties: "To the Avalanche and Nuggets, it means little."
Denver Mayor Wellington Webb: "From my perspective, the only
change is the makeup of the partnership group." Philip Anschutz
has a purchase agreement with the L.A. Kings, who are presently
in bankruptcy proceedings. It is not known whether Anschutz's
pull-out will affect the arena's site. Anschutz owns the land
where the Pepsi Center was planned (AP/Colorado Springs GAZETTE-
TELEGRAPH, 9/28).
TAKING STOCK: Comsat expects to post a $16M loss in the
third quarter. The company said the loss would include a $32M
charge in the quarter as it restructures its various divisions"
(WASHINGTON POST, 9/28).
