In May 1985, he bought the NBA's Denver Nuggets for $20 million. He reached an agreement with the city of Denver to renovate the McNichols Arena.[6] Shlenker also owned the Denver Dynamite of the Arena Football League (AFL). He refused to operate by the financial rules of the AFL, and suspended the team's operations after one season.[7] In June 1987, the Major Indoor Soccer League granted a conditional franchise to Shlenker, to begin play in the 1988–89 season.[8] The team, tentatively named the "Denver Desperados", attracted deposits for 400 season tickets within four months, short of the required 5,000; the franchise was revoked in November 1987.[9] In September 1988, Shlenker purchased the Colorado / Denver Rangers of the International Hockey League. He declared the team bankrupt in June 1989.[10] Shlenker sold the Nuggets in November 1989 for $65 million.[6]
Shlenker testified in the trial of Heidi Fleiss, the "Hollywood Madam", in 1995. As a former customer, he received immunity for his testimony.[14]
Shlenker suffered a spinal cord injury in a 1998 motor vehicle accident on U.S. Route 395 in Big Pine, California. The accident left him paralyzed from the waist down.[3][6]
Shlenker had three children.[1] He and his first wife, Marti, divorced in 1990.[15] He later married his second wife, Denise. Shlenker died of heart failure at Cedars-Sinai Medical Center on April 23, 2003.[1][3]