In April 1969, Storen and others including future Governor of Kentucky John Y. Brown, Jr., bought the American Basketball Association's Kentucky Colonels franchise.
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He would leave this position to become an owner of the league's Memphis Sounds franchise with Isaac Hayes and Kemmons Wilson.
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In April 1969 the Colonels were bought by a group of Louisville investors that included H. Wendell Cherry, Bill DeWitt, J. David Grissom, Stuart P. Jay, David A. Jones, John Y. Brown, Jr. and Mike Storen.