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KIEL CENTER PARTNERS TO POUR $20M MORE INTO BLUES AND ARENA
Published January 8, 1998
Clark Enterprises Inc., which owns the Blues and Kiel
Center, "will pump" $20M more into those entities, according
to Dave Luecking of the ST. LOUIS POST-DISPATCH. The money
will be used to cover the debt service on Kiel Center and to
help pay for $18.9M in player contracts and "buyouts for the
Blues." Luecking reports this "new cash comes on top" of a
$16.6M cash call in '96 and a $16M bailout last season.
Blues President Mark Sauer said $8M would be paid this
month, another $8M in February and the remaining $4M
"shortly thereafter." Of the team's $18.9M in contract and
buyouts, more than half, or $9.6M, will be paid to 14
players no longer on the team. Sauer: "This is the high-
water mark, mostly because of all the deferments and
buyouts. It's a full accounting of all that's happened in
the last year." The team is also paying contract buyouts to
former coach/GM Mike Keenan and former President Jack Quinn.
The 19 companies that make up Clark Enterprises -- "formerly
known as Kiel Center Partners -- will inject cash into the
operation on a percentage basis equal to their share of the
team." Sauer said that the Blues owners owe "some" $90M on
Kiel Center. Debt service on the arena is about $7-9M per
year and Sauer added that it will take 5 to 10 years to pay
off the debt (ST. LOUIS POST-DISPATCH, 1/8).




