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NHL gives green light to St. Louis Blues takeover

The NHL confirmed the deal in a brief statement on Wednesday, with the Associated Press reporting that the transaction is worth in the region of US$130 million. Stillman’s group is buying the Blues from a consortium headed by Dave Checketts and his company, Sports Capital Partners Worldwide.

Stillman serves as chairman and CEO of Summit Distributing in St. Louis and has owned a minority stake in the Blues since 2007. His group will become the eighth owner of the Blues since the franchise was formed in 1966. Stillman will also acquire the team’s American Hockey League affiliate, the Peoria Rivermen, as well as the lease to the Blues’ Scottrade Center home. The sale comes just days after the team exited the Stanley Cup Playoffs in the Western Conference semi-finals following a series sweep by the Los Angeles Kings.

Checketts acquired the Blues for $150 million in 2006 and the team was valued at $157 million by Forbes in December, ranking it 27th amongst the NHL’s 30 teams.