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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.”

Kroenke Sports will restore the 62-year-old theater over the next decade, starting with a new air conditioning system and roof repairs.

Additional work will be done to restore the theater’s Vincent Mondo silk moiré tapestries and the marble and patterned white terra cotta. The company also will preserve the Paramount’s original twin-console Wurlitzer organ and lighted marquee.

Upcoming shows include Kenny Loggins, Michael Bolton, Boz Scaggs, Dolly Parton, Gallagher, Norah Jones, Don Williams and Harry Belafonte.

The lease purchase extends to the remainder of the building at 1621 Glenarm St. The building also houses Bayou Bob’s Cajun restaurant and the offices of the Historic Paramount Foundation and the House of Blues Concerts. The lease runs through 2026.

HOB will continue to be the primary booking agent for the 2,000-seat theater. And the Historic Paramount Foundation may continue to book and promote non-profit events at the theater.

Kroenke Sports also owns the Colorado Avalanche, the Denver Nuggets, a new national lacrosse league team, and partial ownership of the AFL Colorado Crush, Grand Prix of Denver CART races, and Universal Lending CityLights Pavilion outdoor amphitheatre at the Pepsi Center.

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