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| | Thursday, November 18 | |||||
| DENVER -- Officials with Ascent Entertainment Group kept their cards close to their chests Thursday, saying they are still mulling their next move in the stalled sale of two Denver sports teams and a brand-new arena.
Ascent spokesman Charles Russell said neither Ascent nor billionaire Donald Sturm has terminated the agreement under which Sturm was to buy the Denver Nuggets, the Colorado Avalanche and the Pepsi Center from Ascent for $461 million.
Sturm agreed last summer to buy the teams and the Pepsi Center, which opened this fall, for $461 million, but the deal was soured recently by a dispute between Sturm and the city of Denver.
Sturm missed a Monday deadline set by Ascent to resolve that
dispute, plunging the purchase deep into doubt and drawing a threat
of a lawsuit from Ascent, which said he sought to lower the price
by millions of dollars.
A day later, Sturm made another effort to revive the deal,
withdrawing the price-cutting concession he had sought from Ascent
and offering the city what his lawyers billed as a reasonable
resolution to their disagreements.
Sturm asked the city to respond by Thursday morning, but city
officials have stressed they will not respond to the offer unless
Ascent makes it clear to them that it is still prepared to do a
deal with Sturm.
Webb's spokesman, Andrew Hudson, said the city told Sturm on
Thursday that it is no position to negotiate with him.
"We have no indication that Mr. Sturm is still part of the
deal," Hudson said. "We cannot negotiate with something that's
not there."
Russell said Ascent has not yet decided what action to take
next, and he declined to say whether or not Ascent officials had
held any negotiations with Sturm this week.
"What Ascent has said all week ever since Monday, and of which
the city has been informed, is that neither side has terminated the
agreement, and that Ascent continues to have a number of options,"
Russell said.
"The management of Ascent is evaluating its various options,"
he said.
Russell said that Ascent has no timeline for a decision, but
that one could be made at any time.
"It's a very volatile situation," he said.
Ascent has also said it would consider discussions with other
parties that have expressed interest in buying the teams and arena
or holding another open auction for the assets.
It is also considering suing Sturm.
Hudson said that even if Ascent should decide to go ahead with a
sale to Sturm, the city would not accept the terms Sturm set in his
latest offer Tuesday.
He said Denver officials told Sturm in its letter Thursday that
"the demands you guys have put forward were unworkable for the
city."
Mayor Wellington Webb is asking for strong written guarantees
stipulating that the teams would remain in Denver for 25 years
under any circumstances, even if Sturm, 67, were to die or sell a
portion of the assets.
"Donald Sturm has said he has no intention of moving the
teams," Webb said Thursday. "He's a man of his word and principle
and all we are asking for is a legal document saying what he has
said verbally on paper."
The stalled sale affects Ascent's proposed merger with Liberty
Media Group, which has offered to buy Ascent's other assets for
$513 million but can withdraw the offer at any time if Ascent fails
to sell the teams and arena. | ALSO SEE Sturm tries to revive Avs-Nuggets sale
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