Martin Corporation in the 2nd quarter of 2002. On 11 May 2004, Lockheed Martin announced that Intelsat, Ltd. would acquire Lockheed Martin's COMSAT General business for US$90 million. At that time COMSAT General provided satellite-centric telecommunications services and equipment, concentrating on international fixed and mobile satellite systems. In the 2nd quarter of 2007, BT Group of the United Kingdom announced the acquisition of COMSAT International from CIH, and Lockheed Martin announced the sale of its remaining 20% interest in COMSAT International. Sports team ownership COMSAT operated the Denver Nuggets of the National Basketball Association from 1989 to 2000 , and added to its sports portfolio by purchasing the Quebec Nordiques in 1995 and moving them to Denver as the Colorado Avalanche. The Nuggets' purchase was one of professional sports' first attempts to introduce African-Americans into ownership groups (it included Peter Bynoe, a Chicago lawyer, and business partner Bertram Lee, who held a combined 37.5% interest). COMSAT bought out its other shareholders in 1992. After buying the Avalanche, COMSAT organized its Denver sports franchises under a separate subsidiary, Ascent Entertainment Group Inc., which went public in 1995, with COMSAT retaining an 80% controlling interest and the other 20% available on NASDAQ. The franchises took convincingly different directions in terms of on-court/ice production: the Nuggets were perennially among the worst teams in the NBA (bottoming out with an 11-71 record in 1997–98), while the Avalanche won a Stanley Cup in their first season in Colorado (1996) and five consecutive division trophies under Ascent's watch. In addition, COMSAT/Ascent were responsible for the construction of the Pepsi Center (which opened in 1999) where the two franchises play today, and costs began to put a drain on business. 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, the deal unraveled when the city of Denver insisted that Sturm promise to keep the