The Beginning Years
In 1967, the Denver Rockets were one of the first teams to play in the American Basketball Association. The team was founded by Donal Ringsby, who paid $250,000 to purchase a failed Denver basketball team by the name of the Denver Larks. The Rockets were a great team and held winning records for their first three seasons.
In 1972, Frank Goldberg and Bud Fischer bought the Denver Rockets franchise for $1 million and then sold it for another $1 million in 1975 to Carl Scheer.
In 1974, the ABA joined forces with the NBA and there was already another NBA franchise called the Houston Rockets which led the Denver Rockets to change their name to Denver Nuggets. The Nuggets’ name was inspired by the mining surge in Colorado at the time. Again, the Nuggets had an amazing season and made it to the finals only to be defeated by the Portland Trail Blazers.
In 1979, the Nuggets were purchased by B.J. “Red” McCombs for nearly $2 million.
In 1980, the Nuggets drafted Alex English who became an all-time lead scorer for the Nuggets. While the Nuggets were consistently making it to the finals, they had yet to win a title.
In 1985, McCombs sold the team to Sidney L. Schlanker for $20 million. Game wise, the 1980s and 1990s both saw their fair share of losses for the Nuggets and then in 2003, they drafted Carmelo Anthony to join the team.
In 1989, the Nuggets’ search for a consistent owner was briefly paused when Comsat Video Enterprises purchased a majority stake of the franchise. In 2000, the team was sold again to Stan Kroenke of the Walmart family for a price tag of $450 million.
Anthony’s addition to the team brought on a 26-win improvement from the previous season, and an eight-year playoff streak. In 2008, Chauncey Billups joined the Nuggets, forming a potent duo with Anthony. In 2011, both Anthony and Billups were traded to the New York Knicks.
From 2012 to 2013, the Nuggets brought on a few new teammates that helped the team win a franchise-record of 57 wins in one season (out of 82). However, true to Nuggets fashion, the team made it to the playoffs only to be defeated.