Avalanche Matches $21 Million N.Y. Bid For Star Center Joe Sakic

DENVER - They've got a new arena, and now the Colorado Avalanche have the cash to keep their man.

The owner of the Colorado Avalanche today came up with $21 million, including a $15 million upfront bonus, to keep Joe Sakic in Denver.

Ascent Entertainment Group confirmed it intends to match the New York Rangers' offer to the 28-year-old center.

Ascent chairman and chief executive officer Charlie Lyons made the announcement at a news conference to sign an agreement with the city to build a new sports complex in downtown Denver.

The Avalanche had until 5 p.m. (PDT) today to match the Rangers' offer to Sakic, MVP of the playoffs during Colorado's Stanley Cup championship season of a year ago.

As a Group II restricted free agent, Sakic could consider other offers and the Avalanche had the right to match them.

The deal proposed by the Rangers Aug. 6 included a $15 million upfront bonus, which put Sakic's future in Denver in doubt because of Ascent's money problems. The company, which also owns the NBA's Nuggets, has posted losses for the past two years.

But Ascent's fortunes - and chance of keeping Sakic - brightened considerably yesterday when Lyons and Mayor Wellington Webb announced that , they had reached an agreement on Ascent's plan to build a new arena - the $160 million Pepsi Center.

A new arena, with increased revenue from luxury boxes and more seating, was essential to Ascent's sports franchises, Lyons said.

Ascent got another boost - and big infusion of cash - with a deal announced today in which Liberty Media Corp., a subsidiary of cable television giant Tele-Communications Inc., will invest $15 million in the arena.

NOTE

-- The Vancouver Canucks re-signed left wing Markus Naslund, who had a career-high 21 goals last season.