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The Latest On The Sale Of The Blues

from David Shoalts of the Globe and Mail,

The sale of the St. Louis Blues to a group headed by minority owner Tom Stillman is finally ready to be announced.

According to an NHL source, Stillman has his financing and legal work in place and is just waiting for the right moment – probably when the Blues are finished in the NHL playoffs – to make the announcement. The final step will be the stamp of approval from the league’s board of governors, although that is not going to be a problem since Stillman is NHL commissioner Gary Bettman’s preferred buyer.

The purchase, thought to be for around $130-million (all currency U.S.), comes not a moment too soon. Two sources say the Blues’ debt situation is serious enough under current chairman Dave Checketts that the NHL has been paying the team’s bills, likely in the form of advances on its share of league revenues, since early January. The assistance may have ended in April when ticket money from the playoffs and season tickets for next season began coming in.

continued

Filed in: NHL Teams, St. Louis Blues, | KK Hockey | Permalink
 

Comments

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“the NHL has been paying the team’s bills”

So let me get this straight. The St. Louis Blues were one of the best teams in the NHL this year, but couldn’t make enough money to stay afloat? Or is it that the owner was making money off the Blues and losing money elsewhere? Because a team that good would make a profit in rural Saskatchewan, if not Quebec City, the Greater Toronto Area, etc.

Posted by Mike from Toronto on 05/01/12 at 06:34 PM ET

Primis's avatar

So… are the Blues just going to be sold and resold once every couple of years?
  When was the last time they had any stable ownership?

*sigh*  So how many different teams is the league “operating” (propping up ) again?  Convenient that at least two of them have found their way into the second round, no?...

Posted by Primis on 05/02/12 at 10:01 AM ET

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I hope it works out for St. Louis. It is a good hockey town that has never had a good owner and deserves one.

Posted by timbits on 05/02/12 at 11:29 AM ET

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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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