The Business of HockeyDiscuss the financial and business aspects of the NHL. Franchise sales, valuations, TV contracts, ratings, expansion, relocation, the CBA and work stoppage discussion goes here.
St. Louis Blues officially for sale (1/12 NHL "very involved" in finances)
Unless the two (or more) parties interested in keeping the team local fail to put together finances and a deal, only then should relocation be on the table.
With a 40+ year history in St Louis, I really doubt they'll be moving any time soon.
This really does not tell us anything new, right after Stillman made his original offer Checketts announced he was no longer trying to buy the team and would be selling his groups 10%
Blues Chairman Dave Checketts confirmed Wednesday that he has been given an extension on repayment of a $120 million loan originally used to buy the franchise in 2006.
Checketts' agreement with Citigroup Inc., which was first reported on Bloomberg.com, gives Checketts more time to sell the franchise and meanwhile keep the team on solid financial footing until a buyer is found.
"In recent days, questions have been raised about loans associated with our ownership of the St Louis Blues," Checketts said in a statement Wednesday. "As part of the sale process, which we announced in March, we have been in active discussions with interested parties. As of today, we have an agreement with all of our banks to continue to support an orderly sale process. We appreciate the support of our banks and the NHL as we complete the transaction."
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A group led by Blues minority owner and local businessman Tom Stillman has made the only known offer, as reported by the Post-Dispatch in April, but it was rejected by the NHL.
Checketts has remained silent regarding the sale process, but in the Bloomberg article Wednesday, he indicated that he has three "very strong" bidders for the Blues.
The Post-Dispatch confirmed through sources Wednesday that Stillman's group, which includes Stillman's father-in-law, former U.S. Sen. John "Jack" Danforth, remains interested in purchasing the club.
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Checketts told Bloomberg that he wants to complete the sale by the end of 2011. He said the extension of the loan repayment should make that possible.
Interesting. He's bought himself more time which is a positive, though on the negative side of the equation I wonder what it was that caused the NHL to reject the previous offer?. I also wonder if its not possible that Mathew Hulsizer could be eyeing the Blues?....
IMO, this is not good news for Blues fans. After reports are surfacing that over 20 group/individuals were interested in keeping the Thrashers in Atlanta, but most did not prove the financial means to do so, shows me that the NHL is doing the best they can to properly qualify potential ownership. With the article stating that the NHL already rejected an offer, I hope there are others, with the means to do so, waiting.
Interesting. He's bought himself more time which is a positive, though on the negative side of the equation I wonder what it was that caused the NHL to reject the previous offer?. I also wonder if its not possible that Mathew Hulsizer could be eyeing the Blues?....
What previous offer? AFAIK, since Checketts has announced the sale there have been no firm offers.
Different thread , different circumstances of sale.
The earlier thread that discussed a possible partial sale of the team, but that was before the decision was made to sell the whole thing. (And some discussion of part-owner Thompson perhaps buying the whole thing)
Oh, Ok. Then I assume that previous offer included Checketts' retaining his interests with Stillman upping his stake, and for whatever (?) reasons the NHL wasnt warm to it.....
I don't see the Blues moving to Hamilton, Seattle, or anywhere. The only reason (I believe) a deal hasn't been finalized yet is because Checkett's still wants to run everyday activities on someone else's coin. What DC did here was great, but he needs to suck it up and sell, because now he's just hurting the club and the fans
