approval of both Ascent/Liberty and Sturm. Finally, in July 2000, the Avalanche, Nuggets and Pepsi Center were bought by real estate entrepreneur Stan Kroenke in a $450 million deal. Kroenke is the brother-in-law of the Lauries; his wife Ann is Nancy Laurie's sister. Liberty retained a 6.5% interest. 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. 2003–2013: The George Karl era 2003–2006: The Carmelo Anthony era In 2003, the Nuggets drafted future All-Star Carmelo Anthony with the third overall pick in the 2003 NBA draft. That same year, the team also updated their logos and uniforms, with a new color scheme of powder blue, gold and royal blue; the latter color was changed to navy blue in 2008. In just two months of the season, the Nuggets recorded more wins than they had in 5½ months of play in 2002–03. Much of the reason for this incredible turnaround were the front-office moves of General Manager Kiki Vandeweghe, a former Nuggets player who assumed General Manager duties on August 9, 2001. In April, the turnaround was complete as they became the first franchise in NBA history to qualify for the postseason following a sub-20-win campaign the previous year since the NBA went to an 82-game schedule. They were eliminated in the first round 4 games to 1 by the Minnesota Timberwolves. On December 28, 2004, head coach Jeff Bzdelik was fired from the organization and replaced by interim coach, former Los Angeles Lakers player and Los Angeles Sparks head coach Michael Cooper. The Nuggets later hired George Karl as a permanent replacement. Karl led the team to a record of 32–8 in the second half of the regular season, which vaulted the team into the playoffs for the second consecutive year. In the playoffs, however, the Nuggets could not survive the San Antonio Spurs. After winning game one in San Antonio, the Nuggets proceeded to lose the next four games and lost the series 4–1. The Nuggets picked 20th in the 2005 NBA draft; it was acquired from the Washington Wizards via the Orlando Magic. Denver selected Julius Hodge with the pick. The Nuggets also had the 22nd overall selection in the draft, in which they selected Jarrett Jack, but sent him