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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).