49ers Take Another Image Hit With Brooks Charge Questions Remain In Phillies' Front Office Jim Buss Remains Optimistic About Lakers Leonsis Weighing Wizards Practice Facility Spots White Sox To Host Faith Day Franchise Notes Bayern Munich Partners With Columbia Univ. Blank Hiring CEO To Oversee Teams, Business Redskins, Native Americans Ordered To Mediation Bills Tap Former Player For Alumni Relations
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).