Cargill hasn't been rumored to be interested in the Blues in nearly two years. I believe Jim Campbell was part of the Cargill group interested in the Blues.
Seems like good news. Any opinion about Cargill as the new owners?
I have no personal opinion on Cargill as I'm not that familiar with them, it was just mentioned to me by an ex Blues Exec over lunch with a mutual friend a few weeks ago. I also asked a local sports journalist a couple of weeks ago and he said that was the rumor he was hearing as well. I don't claim to have access to any inside info nor am I connected in any way, it's just what I've heard.
I have no personal opinion on Cargill as I'm not that familiar with them, it was just mentioned to me by an ex Blues Exec over lunch with a mutual friend a few weeks ago. I also asked a local sports journalist a couple of weeks ago and he said that was the rumor he was hearing as well. I don't claim to have access to any inside info nor am I connected in any way, it's just what I've heard.
We’ve entered the month of November and are nearing the end of the Calendar year which means we should be receiving Ownership news within the next several weeks. Blues Chairman Dave Checketts told us back in early September that the club will have a new majority investor in place by January first. For those needing a reminder…the Blues largest investor, TowerBrook Capital Partners, announced last May their plans to sell the 75% ownership stake they currently have. The Blues have said TCP has not given Checketts a deadline to find a replacement.
An update. Confidentiality agreements have been signed with 2 potential investors.
Quote:
Sources confirm the Blues have entered into two separate confidentiality agreements (also known as non-disclosure agreements) with interested individuals/groups looking to replace the 75% ownership currently held by TCP.
We KNOW it WILL happen before Jan 1, as the old owners HAVE to get out before then. They will drop their price accordingly, to get the sale done. We can rest at ease. However, that doesn't mean that it's a given that more money will become available for salaries/ I hope it will, but have some doubts.
We KNOW it WILL happen before Jan 1, as the old owners HAVE to get out before then. They will drop their price accordingly, to get the sale done. We can rest at ease. However, that doesn't mean that it's a given that more money will become available for salaries/ I hope it will, but have some doubts.
This is just a very general comment, but despite the terrible economy, there are a lot of very wealthy companies and individuals sitting on the sidelines with deep pockets looking for investments.
A new owner could come along with lots of money to keep building this franchise.
Put Checketts and lots of capital together and we could get really lucky this time with the change in ownership.
With this season going to hell, it sure would be nice to get some good news on the ownership front. Preferably a hockey-loving Daddy Warbucks type owner who will spend (wisely) to the cap when its appropriate.
Ugh, I'm just really looking for a scrap of good news somewhere.
So, it looks like Towerbrook is only divesting some of their shares, not the whole 75% like they originally planned. And Checketts has found buyers for most of the shares Towerbrook is selling, so the total investment group is 95% assembled.
So, it looks like Towerbrook is only divesting some of their shares, not the whole 75% like they originally planned. And Checketts has found buyers for most of the shares Towerbrook is selling, so the total investment group is 95% assembled.
I wonder how this will affect the Blues' budget.
My guess is that it doesn't affect the budget. And that Towerbrook will probably sell the rest of its stake in the next couple years. The team's budget will probably increase a bit with some playoff revenue (and on-ice success).
It doesn't sound like it will be done by the 1st though. Unfortunate, but by Feburary we could have money to spend and Oshie back in the lineup which would be fantastic.
SCP Worldwide's seven-month search for a major investor in the Blues could be over by the end of January.
Blues owner Dave Checketts is in New York today poring over the documents that will keep SCP in control of the club and him as the front man of the organization.
Checketts would not disclose the identity of the investors, but said there is "more than one group," and he also said publicly for the first time that TowerBrook Capital Partners would not be divesting all of its interest in the Blues, as TCP indicated it would in May........(cont.)
Last edited by 2 Minute Minor: 12-31-2010 at 04:38 AM.
Reason: do not quote entire articles
Mike McCarthy, CEO of Blues Enterprises, emerged from the NHL Board of Governors' meeting today with no update on the organization's investment restructuring, but said that ownership remains confident a deal will be finalized.
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In December, Checketts said that he was focused on finding investors who wanted him to remain chairman of the Blues, not on selling the team outright. Sources have said there's been interest from outside investors in buying the Blues and changing control of the franchise, but there's been no confirmation of that, or belief that SCP is now looking to sell.
I truly think that the bolded part is the hold-up. Checketts is still trying to keep control and this precludes new investors to get the team spending again.
Quote:
There has been speculation that when the investor picture is cleared, the Blues will have an infusion of financial support that would allow them to spend more on payroll, perhaps immediately. McCarthy offered nothing to either support or deny that.
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In the meantime, McCarthy said the Blues will work within the club's budget. The club has a payroll of approximately $46 million, which is $13 million under the salary cap.
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McCarthy disputed the perception that ownership has allowed the Blues to fall back in the Western Conference standings by not supplying the finances to restock a roster that has been heavily depleted by injuries.
Skeptics point to the signings of Kyle Wellwood and Marek Svatos, who were playing in Russia, as cheap options. (Both players were signed by the Blues but lost to other teams via waivers). Some have suggested that general manager Doug Armstrong's hands have been tied.
if it looks like a duck and quacks like a duck...
Quote:
"We're a handful of games here and there away from being in it and we're ready to get healthy again," he said. "So we're excited about that. Andy McDonald is coming back soon, I'm told, and I'm pleased with that. I think we're ready to make a run ..."
The NHL trading deadline is Feb. 28, which is four weeks away. The Blues aren't ready to say whether they will be buyers or sellers, or if they're buyers, how much they'll have to spend.
"Let's see us get healthy, let's see what our next few games bring," McCarthy said. "We take everything as an isolated situation. John and Doug are constantly working the phones and bring opportunities to ownership. Some of them involve money and some of them don't. We're always looking to improve."
so the real enemy is Mike McCarthy, this season. Or Checketts. However you want to look at the situation.
How obvious it that he's (McCarthy) a suit and knows nothing about the importance of building chemistry on a team and keeping it sustained to make a push?
I truly think that the bolded part is the hold-up. Checketts is still trying to keep control and this precludes new investors to get the team spending again.
Well yeah...if you had hundreds of millions of dollars and wanted to buy a hockey team...wouldn't you want to be able to call some of the shots and not just have your name on everybody's paychecks?
Well yeah...if you had hundreds of millions of dollars and wanted to buy a hockey team...wouldn't you want to be able to call some of the shots and not just have your name on everybody's paychecks?
they aren't being asked to buy the team though, they are being asked to invest in the team. And that depends really, some investment firms are willing to do what Towerbrook did, others want hands on control.
Fast forward to the Thrashers or Lightning ownership mess and I am getting less optomistic by the minute.
There are better investments that professional hockey teams. Most people get into professional sports because they enjoy being involved in decision-making and feeling a sense of "ownership". If you just want to invest 100M bucks, you can find much better returns in other arenas.
Hearing McCarthy say, "We take everything as an isolated situation" does not make me feel good about the development of things and the general direction the franchise.
Maybe he is just saying that to make us feel better, but it doesn't make me feel better.
Isolating things causes short-term planning, which is not good for much of anything.
Hearing McCarthy say, "We take everything as an isolated situation" does not make me feel good about the development of things and the general direction the franchise.
Maybe he is just saying that to make us feel better, but it doesn't make me feel better.
Isolating things causes short-term planning, which is not good for much of anything.
This is all too true IMO. Hell thats a major reason we are in this recession.
This is all too true IMO. Hell thats a major reason we are in this recession.
Exactly right Zundo!
Our country is in a major pickle because of short-term planning. Government agencies and corporations alike (St. Louis Blues included) suffer from a lack of foresight and by acting only when a crisis occurs.
The Blues franchise has recently, however, done a decent job so far in the rebuilding plan, which is inherently long-term, but McCarthy is wading into dangerous waters by isolating things to the point of inaction.
But why would anyone think in the long-term? Jesus is coming, right? The rapture is right around the corner, right?
If we keep hearing more crap about isolating things from The Blues' front office, then we are in for a rough ride.
Me and my father were discussing the Blues money situation and we want to know a little more about what's going on money wise, are we in a good spot. He is telling me the blues have no investors?
Towerbrook wants out so part of the ownership has to change. Checketts wants to keep control of the team so he's been looking for investors who will let him run the team. The Blues have one of the lowest payrolls right now and apparently can't afford to add anymore. All the details are hush hush so its hard to get a real good understanding of it all.
Word is that there were several people/groups interested in buying the team outright but Checketts refused because then he would lose control of the team.
