Checketts to Sell Shares,
Blues for Sale
As announced by Dave Checketts earlier tonight, the Blues are up for sale. The details, found in this article by the Post-Dispatch, put an end to all the speculation surrounding Checketts and his hunt for new investors to cover an estimated 70% of the organization. The franchise, as well as the Scottrade Center’s lease, are now ready to hit the open market.
First off, are we really surprised that it has come to this? Take a moment and try to look at the current events from an outsider’s perspective and it seems sort of odd that Checketts wanted a group to pony up 70% of the costs, while he remained in full control. Doesn’t make much sense, does it? One would think a group that holds the majority of the ownership would want some say in how things are run. There were reports that one group was close to reaching a deal with Checketts, but in the end it all came down to the amount offered.
Checketts has failed on several key dates that he promised and now he is planning on parting ways with the team. One can only imagine that the silence was due to lack of interest in the offer Checketts was proposing, but that’s just speculation.
The article in the Post-Dispatch states that all 100% of the team/lease is now for sale.
Towerbrook, the current owner of some 70% of the franchise, thought they could fetch more money if the team as a whole was on the open market rather than the old offer of 70% with Checketts at the helm. Not a shocker as you’d be hard pressed to find investors in the modern economy willing to let a non-majority owner have all the say, while they provide all the cash.
This sort of announcement usually brings up one major fear: is relocation an issue we have to worry about? To be clear, no. There’s a 99.5% chance the Blues will stay right here in St. Louis, given the current state of the NHL. However, as I mentioned on Twitter, with any ownership change comes the fear of relocation, even if it is an extremely minute one.
Checketts has stated that they will search, with the help of Game Plan LLC, for a buyer that has the intention of keeping the team in St. Louis.