Kukla's Korner Hockey
by Paul on 09/30/05 at 08:39 AM ET
In a development that may buttress the spirits of NHL team owners, the St. Louis Blues are set to be sold for about $150 million (all figures U.S.), roughly $50 million more than the team's current owners paid for the team in 1999. Since player costs are the largest expense for a team — they represented 66 per cent of team revenues in 2003-04 — NHL commissioner Gary Bettman pledged to owners that by reversing the trend of rising salaries, team values would climb. The purchase price for the Blues is particularly noteworthy since the club lost a league-high $47 million in 2003-04, its last year of operation. Forbes in 2003 estimated that the Blues were then worth $147 million. The team lost about $30 million on revenue of $67 million, the magazine reported.
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About Kukla's Korner Hockey
Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.
From breaking news to in-depth stories around the league, KK Hockey is updated with fresh stories all day long and will bring you the latest news as quickly as possible.
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