Kroenke Buys Paramount Lease, Eyes Improvements

DENVER-Kroenke Sports Enterprises, the owner of the Pepsi Center and the sports teams that play there, has purchased the 99-year lease of Denver’s historic Paramount Theatre. Kroenke Sports, headed by Wal-Mart billionaire Stan Kroenke, plans to restore and update the venue.

The privately-held company did not release the purchase price.

“After 60 years, the Paramount Theatre remains one of Denver’s true historical, architectural and cultural gems and out involvement represents a unique opportunity to move our business in a new direction,” says David Ehrlich, executive vice president of Kroenke Sports. “The Paramount has become an important piece in our mission to provide the Rocky Mountain West with the best in all types of entertainment, including the arts as well as sports.”