In 1997, COMSAT agreed in principle to sell Ascent to Liberty Media. However, Liberty was not interested in sports ownership at the time (though it has since bought Major League Baseball's Atlanta Braves), and made the deal contingent upon Ascent selling the Avalanche and Nuggets. After almost two years, Ascent sold the Avalanche and Nuggets to Walmart heirs Bill and Nancy Laurie for US$400 million. However, a group of Ascent shareholders sued, claiming that the sale price was several million dollars too low. Ascent then agreed to sell the Avalanche and Nuggets to Denver banking tycoon Donald Sturm for US$461 million. However, a new wrinkle appeared when the City of Denver refused to transfer the parcel of land on which Pepsi Center stood unless Sturm promised to keep the Avalanche and Nuggets in Denver for at least 25 years. Sturm had made his bid in his own name, and the City wanted to protect itself in case Sturm either died or sold the teams before the 25 years ran out. While Sturm was willing to make a long-term commitment to the city, he wasn't willing to be held responsible if he died or sold the teams. After negotiations fell apart, Liberty bought all of Ascent, but kept the Nuggets and Avalanche on the market. Finally, in July 2000, the Avalanche, Nuggets and Pepsi Center were finally bought by real estate entrepreneur Stan Kroenke in a US$450 million deal. Kroenke is the brother-in-law of the Laurie; his wife Ann Walton Kroenke is Nancy Laurie's sister. Liberty retained only a 6.5% stake of the sports franchises. As part of the deal, Kroenke placed the teams into a trust that would ensure the teams will stay in Denver until at least 2025. After the deal, Kroenke organized his sports assets under Kroenke Sports Enterprises.