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SBD/March 7, 2011/Franchises
Checketts Rebuffs Minority Owner's Bid To Take Over Blues
Published March 7, 2011
NO PLAYOFF PAYOFF: In St. Louis, Greg Edwards notes with the NHL playoffs "looking increasingly unlikely for the St. Louis Blues, the team is facing the loss of millions of dollars in playoff revenue, not to mention half the price of 600 season tickets." As part of a "highly publicized and risky promotion, the Blues offered the buyers of 300 lower-level and 300 upper-level season tickets a deal at the beginning of the season: Pay half of the price of your seats up front, and not a penny more if the team fails to make the playoffs." Playoff revenue is "key to the team’s financial performance." Blues Exec VP/Finance & Administration Phil Siddle noted that revenue for fiscal '10 was $103.7M, down $7.6M or 6.8% from fiscal '09 -- "primarily because of the team’s failure to make the playoffs last season and insurance proceeds from player injuries that did not recur." The Blues also have been "reducing payroll by trading away players as the team continues to look for new ownership in a recession in which investors are hard to find, financing is scarce and other teams are up for sale" (ST. LOUIS BUSINESS JOURNAL, 3/4 issue).