Checketts Sets August 22nd Deadline to Submit Formal Offers
For those of you interested in the eventual sale of the St. Louis Blues go ahead and circle August 22nd on your calendar.
Process letters were recently sent to nine individuals/groups who have expressed interest in purchasing the Blues. All interested buyers must have their formal offers in by August 22nd.
The process letter lays out everything each group must submit along with their formal offer to buy the hockey club. For example each group will need to show their primary source of capital as well as the members involved in their group among other things. Game Plan LLC, Dave Checketts, and the NHL will review all of this before they reach an agreement with a new Owner.
Checketts recently said he expects to have the team sold by the beginning of the regular season.
One name that has been attached to the Blues sale is Chicago businessman Matt Hulsizer but sources tell me he has moved on citing the high asking price. He would certainly qualify as a great Owner in the opinions of Blues fans based on his combination of wealth and passion for the game of hockey.
There are other options available for a guy like Hulsizer who remains interested in purchasing an NHL team. But for now it appears he’s crossed St. Louis off of his list. This could always change down the road but this is where we are today.
I should point out Hulsizer was included in the nine groups that were sent process letters. I wouldn't get too caught up in the number of groups here. Just because someone is looking doesn't necessarily mean they are seriously looking.
What about Stillman?
If Checketts is truly hard-pressed on getting close to $200 million for the Blues, minority Owner Tom Stillman faces a steep challenge. I’m told at least one person in Stillman’s group recently backed away. The individual, who does not want to be named, was not considered a major player in the Stillman group. Still the “Major Partners” seem reluctant to throw in more money at this time.
A purchase agreement has been drafted by Game Plan LLC Lawyers and is currently available on the data site for each group to see. The purpose of having the agreement already drafted is to expedite the process in an effort to get the team sold by early October. Every group has been asked to submit any tweaks they would like to make to the purchase agreement along with their formal offer.
More to come,
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