Shares in Ascent Entertainment fell 8.5% yesterday to
close at 12 1/8 "as investors pondered the possibility that
Donald Sturm won't meet" today's 5:00pm MT deadline to buy
Ascent's sports assets, according to Al Lewis of the ROCKY
MOUNTAIN NEWS. Ascent shareholder Mario Cibelli of Robotti
& Co.: "The market is already assuming that the deal with
Sturm is off." But Lewis writes that attorneys for the city
of Denver and Sturm "say they are closer to an agreement
than ever, and rumors circulated on Tuesday that city
officials have asked Ascent for more time" (ROCKY MTN NEWS,
12/1). Also in Denver, Stephen Keating writes that
"officials had little to say" about a deal. One source
close to Denver Mayor Wellington Webb said that Webb "may
not believe that Sturm's ownership of the Nuggets and
Avalanche is in the best long-term interests of the teams or
their fans." But city execs said the talks with Sturm "are
strictly about the terms of the 25-year agreement" to keep
the teams in Denver (DENVER POST, 12/1).
MANNION CITES LEADERSHIP VOID: Outgoing Ascent Sports
Senior VP Dennis Mannion (see THE DAILY, 11/16) tells Adrian
Dater of the DENVER POST that Ascent Sports is lacking
leadership. Mannion: "Basically, there is no president of
Ascent Sports. Dan Issel and Pierre Lacroix have nobody to
report to." Mannion also mentioned "many conflicting
marketing ideas inside the company regarding the promotion
of the Avalanche and Nuggets." Mannion said that he and
Lacroix did not agree on the marketing of the Avalanche and
Mannion believed the two teams should have been promoted
separately. Mannion: "Hockey is more of a white-collar,
corporate crowd, and the Nuggets are more of a blue-collar
one." As far as marketing the Avalanche, Mannion wanted to
have a billboard with C Peter Forsberg, but Lacroix rejected
that because he didn't want to promote an individual over
the team. Mannion had "nobody higher" up to go to and push
his idea. Mannion: "How many times do you want to raise an
issue with the Ascent board of directors?" (DENVER POST,
12/1). Also in Denver, Woody Paige continues his criticism
of Ascent, referring to the company as "Half-Ascent" and
calling shareholders "bloodsuckers" (DENVER POST, 12/1).
