The Denver Nuggets basketball franchise was formed by trucking magnate J. W. "Bill" Ringsby in 1967. Initially known as the Denver Rockets, the team switched in 1974 to become the Denver Nuggets. Since joining the National Basketball Association in 1976, the Denver Nuggets have had little postseason success despite signing star forward, Carmelo Anthony in 2004. The Denver Nuggets home stadium is the Pepsi Center arena and they play in powder, white, gold and navy team colors. Wal-Mart heir Stan Kroenke has owned the Denver Nuggets since 2000. Despite their financial backing, the team have not yet won a championship title.