St. Louis Blues officially for sale (1/12 NHL "very involved" in finances)

[Fugu]

Update: Blues sale progresses; NHL remains confident

http://www.stltoday.com/sports/hock...cle_9a5b75a5-f01d-5c2b-93d9-4de8cea18e06.html

Ah, well now that I read the linked article:

The NHL, which seized control of the Blues from former chairman Dave Checketts, is running the sale process. In late January, league deputy commissioner Bill Daly said the target for completion was March. And though the process might not be wrapped up by the end of the month, he remains confident that the sides are nearing an agreement.​

So Checketts is no longer involved with any aspect of running the team? Does this mean the NHL is paying for operations?

http://www.stltoday.com/sports/hock...01d-5c2b-93d9-4de8cea18e06.html#ixzz1p6hF1rLu

Thursday is the scheduled deadline to a 75-day exclusive negotiating window granted by the NHL to Stillman. But the league rescinded those rights several weeks ago and continued to negotiate with the group, rendering the deadline somewhat meaningless.
The NHL is believed to have talked with another group of local investors, talks that led nowhere.
​

They were so confident in Stillman et al., they rescinded his exclusive rights and talked to another local group, which went nowhere?http://www.stltoday.com/sports/hock...01d-5c2b-93d9-4de8cea18e06.html#ixzz1p6hfDdoI
​

The last few steps in the process typically include the NHL and the buyer reaching specific financial assurances, along with league approval of each investor in the group.
​

This is where Hulsizer ran into trouble too. I guess billionaires really don't grow on trees.

The cash purchase agreed to by Stillman's group and the other owners — TowerBrook Capitals Partners and SCP Worldwide — is approximately $130-135 million. The package includes the Blues, the Scottrade Center lease, the team's top minor-league affiliate in Peoria, Ill., and a significant interest in the Peabody Opera House.
The list price of the franchise is $180 million, but that figure includes close to $50 million in future interest that will be divided among the current Blues owners: Stillman, TowerBrook and SCP.

​

It's been asked why the difference between the cash price and the figure touted as the list price. I wonder what the interest-bearing asset is in this case.

​

 

[Killion]

Ya, my understanding of the situation is that the leagues been financing the team since late December when Hulsizer failed to close.

 

[sh724]

Ah, well now that I read the linked article:

The NHL, which seized control of the Blues from former chairman Dave Checketts, is running the sale process. In late January, league deputy commissioner Bill Daly said the target for completion was March. And though the process might not be wrapped up by the end of the month, he remains confident that the sides are nearing an agreement.​

So Checketts is no longer involved with any aspect of running the team? Does this mean the NHL is paying for operations?

http://www.stltoday.com/sports/hock...01d-5c2b-93d9-4de8cea18e06.html#ixzz1p6hF1rLu

Thursday is the scheduled deadline to a 75-day exclusive negotiating window granted by the NHL to Stillman. But the league rescinded those rights several weeks ago and continued to negotiate with the group, rendering the deadline somewhat meaningless.
The NHL is believed to have talked with another group of local investors, talks that led nowhere.
​

They were so confident in Stillman et al., they rescinded his exclusive rights and talked to another local group, which went nowhere?http://www.stltoday.com/sports/hock...01d-5c2b-93d9-4de8cea18e06.html#ixzz1p6hfDdoI
​

The last few steps in the process typically include the NHL and the buyer reaching specific financial assurances, along with league approval of each investor in the group.
​

This is where Hulsizer ran into trouble too. I guess billionaires really don't grow on trees.

The cash purchase agreed to by Stillman's group and the other owners — TowerBrook Capitals Partners and SCP Worldwide — is approximately $130-135 million. The package includes the Blues, the Scottrade Center lease, the team's top minor-league affiliate in Peoria, Ill., and a significant interest in the Peabody Opera House.
The list price of the franchise is $180 million, but that figure includes close to $50 million in future interest that will be divided among the current Blues owners: Stillman, TowerBrook and SCP.

​

It's been asked why the difference between the cash price and the figure touted as the list price. I wonder what the interest-bearing asset is in this case.

​

I believe i read somewhere (might be in this thread) an article that said if the team reaches certain revenue levels over the next few years Checketts gets a percentage of those revenues up to the 50 million difference in price, but if those levels arent reached then Checketts receives nothing additional.

 

[mouser]

The cash purchase agreed to by Stillman's group and the other owners — TowerBrook Capitals Partners and SCP Worldwide — is approximately $130-135 million. The package includes the Blues, the Scottrade Center lease, the team's top minor-league affiliate in Peoria, Ill., and a significant interest in the Peabody Opera House.
The list price of the franchise is $180 million, but that figure includes close to $50 million in future interest that will be divided among the current Blues owners: Stillman, TowerBrook and SCP.

It's been asked why the difference between the cash price and the figure touted as the list price. I wonder what the interest-bearing asset is in this case.

​

Sure seems like the NHL is doing its utmost to prop up franchise sale valuations, at least on face value.

 

[Northender]

Sure seems like the NHL is doing its utmost to prop up franchise sale valuations, at least on face value.

sure. They have to keep up the illusion that NHL teams (other than a few select markets) are worth more than 85 million.

 

[Killion]

The cash purchase agreed to by Stillman's group and the other owners — TowerBrook Capitals Partners and SCP Worldwide — is approximately $130-135 million. The package includes the Blues, the Scottrade Center lease, the team's top minor-league affiliate in Peoria, Ill., and a significant interest in the Peabody Opera House.

Anyone care to break that down?.

1) AHL Franchise = ?
2) Concessions etc @ Scottrade = ?
3) "Significant" Interest in Peabody = ?
4) St. Louis Blues = ?

 

[Tommy Hawk]

The cash purchase agreed to by Stillman's group and the other owners — TowerBrook Capitals Partners and SCP Worldwide — is approximately $130-135 million. The package includes the Blues, the Scottrade Center lease, the team's top minor-league affiliate in Peoria, Ill., and a significant interest in the Peabody Opera House.

Anyone care to break that down?.

1) AHL Franchise = ?
2) Concessions etc @ Scottrade = ?
3) "Significant" Interest in Peabody = ?
4) St. Louis Blues = ?

I do not think they would break it out. I would guess the AHL team is probably 3 to 5 million. I think that is what the River Rats were sold for recently.

What is amazing/ironic is that while both St. Louis and Phoenix operate the arena, here they are putting a positive value on it while in AZ they are putting it as a loss.

 

[mouser]

The cash purchase agreed to by Stillman's group and the other owners — TowerBrook Capitals Partners and SCP Worldwide — is approximately $130-135 million. The package includes the Blues, the Scottrade Center lease, the team's top minor-league affiliate in Peoria, Ill., and a significant interest in the Peabody Opera House.

Anyone care to break that down?.

1) AHL Franchise = ?
2) Concessions etc @ Scottrade = ?
3) "Significant" Interest in Peabody = ?
4) St. Louis Blues = ?

1) AHL Franchise $2-$6mil. Pegula reportedly purchase Amerk last year for $5m.
2) Concessions $0, at least for perspective of comparing to other team sales since most team sales include the concession rights. Actual number, something in the single digit millions.
3) Peabody Opera House. Heck if I know. SCP was able to get government funding for a recent $79mil renovation that I believe includes some tax breaks and ticket taxes/surcharges to repay bonds. A little bit about the ownership group here http://www.scpworldwide.net/
4) Somewhere between $130m and $180m minus #1 through #3

 

[Killion]

A little bit about the ownership group here http://www.scpworldwide.net/
Somewhere between $130m and $180m minus #1 through #3

Thanks mouser, including the link about as clear as mud.

 

[sh724]

Tom Schlafly is now a member of Stillman's group. He owns STL Brewery Inc.

 

[David Dennison]

Tom Schlafly is now a member of Stillman's group. He owns STL Brewery Inc.

The ownership group also includes Donn Lux, owner of Luxco, maker of...

I am the liquor.

 

[Killion]

I am the liquor.

Lovely. What'dya wash that stuff down with?... Yikes!.

 

[mizzoublues29]

I am the liquor.

I really hope we're thinking of the same reference with this statement....

 

[LadyStanley]

andystrickland: #stlblues ownership process continues to move forward...i would anticipate some news in the not too distant future #Stillman

 

[TerminatorBlue]

God i hope this gets settled soon, it would be nice to have an owner when the stanley Cup banner is being raised.

 

[sh724]

andystrickland: #stlblues ownership process continues to move forward...i would anticipate some news in the not too distant future #Stillman

In other words nothing new going on

 

[Guy Legend]

Bettman: Sale of Blues to Stillman coming 'soon'

NEW YORK • NHL commissioner Gary Bettman said Friday that the sale of the Blues to club minority owner Tom Stillman could be completed "soon."

Bettman said he met with Stillman recently and when the "lawyers are done doing their things," the process will move forward.

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