Question about the Blues financial situation
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10-09-2012, 12:48 AM
Join Date: Jan 2009
Here are some points to consider when analyzing the Blues' financial situation...
- The Blues do not own the Scottrade Center. Though leased and operated by SLB Acquisition Holdings LLC (Tom Stillman), it is owned by the City of St. Louis. I'm not sure if or how the revenue is shared, nor the monetary terms of the lease, those numbers will probably prove difficult to find.
- The Blues pay a 5%(last I checked) 'Amusement Tax' that is levied on certain entertainment events in the city of St. Louis. It should be noted that the Cardinals and Rams do not have to pay this tax.
- The Blues don't control the concessions for STC events. Dave Checketts signed a 20-year deal with Levy Foods to provide concessions for the Scottrade Center. Checketts received 10 million dollars, and severely cut into the future earnings of concession sales.
- The City of St. Louis owns the main parking structure connected to the STC. The franchise draws little if any revenue from parking.
Dave Checketts pulled as much cash as he could out of this franchise with little respect for its long term profitability. From an on-ice standpoint Checketts fared pretty well, however, in hindsight he hurt the franchise's off-ice viability.
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