Ascent Calls Off Sale of Sports Teams

Ascent Entertainment Group Inc. called off the sale of its two Denver sports teams and an arena to Donald Sturm after the billionaire requested the purchase price be lowered.

Ascent said the failure to sell its sports assets would likely scuttle its planned $572-million purchase by AT&T; Corp.’s Liberty Media Group. Ascent had planned to sell the National Basketball Assn.’s Denver Nuggets, National Hockey League’s Colorado Avalanche and the Pepsi Center for $461 million.

Sturm balked over Denver Mayor Wellington Webb’s demand that a new owner keep the teams in the city for the next 25 years.

Shares of Denver-based Ascent fell 56 cents to close at $12.94 on Nasdaq. Liberty Media rose 94 cents to close at $42.50 on the New York Stock Exchange.