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Sturm gets Denver teams
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July 27, 1999: 4:38 p.m. ET
Sturm group to acquire Nuggets, Avalanche, Pepsi Center for $461M
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NEW YORK (CNNfn) - A group headed by millionaire David Sturm will acquire two Denver sports teams and the Pepsi Center arena for a bid of $461 million.
The group will buy the Colorado Avalanche hockey team and the Denver Nuggets basketball franchise along with their future venue from Ascent Entertainment Group Inc. (GOAL).
The group's bid was chose after Wal-Mart (WMT) heiress Nancy Laurie backed out of a head-to-head encounter.
"While we remain committed to the Denver sports teams as fans, we have made the difficult decision not to pursue ownership further," William and Nancy Laurie said in a statement.
The Laurie's originally agreed to pay $400 million for the teams in June, but shareholder's sued claiming the price was too low. As part of the sale agreement, the Lauries will receive $8.2 million from Ascent.
On Monday the Sturm group beat out Denver Broncos quarterback John Elway's group and also a Saudi princess.
"We look forward to working with Donald L. Sturm and the Sturm group to insure there is a smooth transition of ownership," said Chuck Neinas, Ascent's acting chairman and chief executive officer.
-- from staff and wire reports
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