As the owner of the Colorado Avalanche, Denver Nuggets, Colorado Rapids and Kroenke Sports & Entertainment (KSE) – a holding company that in turn owns the Altitude Sports network, Ball Arena and Dick’s Sporting Goods Park, among other things – Stan Kroenke wields outsize influence in Denver’s sports community.
Despite this presence locally, it is his ownership of the NFL’s Los Angeles Rams – and the franchise’s relocation from St. Louis to L.A. in 2016 – that is causing the biggest headlines and headaches for the billionaire mogul. Prior to relocating the Rams, Kroenke signed an indemnification agreement with the NFL protecting the league and fellow owners from legal fees and judgments from any suit filed by St. Louis related to the team’s departure.
However, ESPN reported that four years and millions of dollars in legal fees later, Kroenke is now trying to narrow the scope of that indemnification. That concerns his fellow owners because St. Louis has been on a roll legally and the idea that it could be owed multi-billions of dollars in real and punitive damages is becoming more likely. A sports legal analyst said recently that a potential judgment “could wipe out a minimum of half of Stan Kroenke’s net worth.“
Which begs the question: what would happen to Kroenke’s Colorado assets if he was hit with such a judgment. Would the teams and stadiums immediately go up for sale? KSE has been in a three-year stalemate with DISH and Comcast over carriage rights to Altitude Sports, and as a result has been subsidizing the money-losing network. Would that continue?