Ascent Entertainment Group Inc. is seeking Chancery Court’s approval to settle shareholder lawsuits over the $461 million sale of the company’s sports properties, which include the Denver Nuggets, the Colorado Avalanche and Denver’s Pepsi Center.

Ascent auctioned off its professional basketball and hockey franchises and the new arena in July to billionaire Donald Sturm after a competing group dropped out of the bidding. The company originally had planned to sell the sports assets for $400 million in April to a group headed by billionaire Bill Laurie, who is married to an heir of one of the founders of the Wal-Mart Stores Inc chain.