NHL Terminates Matthew Hulsizer's Purchase Agreement For Blues After Deadline Passes

The sale of the Blues "took another drastic turn Tuesday, as the NHL terminated the purchase agreement held by Chicago businessman Matthew Hulsizer," according to a league source cited by Jeremy Rutherford of the ST. LOUIS POST-DISPATCH. The move "opens the door for Blues minority owner Tom Stillman, who leads a group of local investors, to buy the club." Hulsizer, who "signed a purchase agreement in October, had until last Saturday to finalize the sale before an NHL-imposed deadline, but that passed without an agreement." Sources have said that if Hulsizer "failed to complete the sale by the deadline, an arrangement between the NHL and Stillman specified that Stillman would inherit an identical purchase agreement, all the way down to the price." One source said that the deal "gives Stillman's group an exclusive 75-day window to complete the deal, but another source says the Blues are still allowed to negotiate with any group, including Hulsizer." The valuation of the club, "as per the Hulsizer deal, is $185 million, but the actual price agreed to by Hulsizer was closer to $130 million." Hulsizer was expected to bring "$40 million and [outgoing Owner] Dave Checketts $20 million to the closing, with the group financing the rest of the deal." Multiple sources said that Checketts "had raised his share through a private-equity fund, but Hulsizer has failed to secure his portion of the equity." Sources said that Stillman's group "has its financing ready to complete the purchase" (ST. LOUIS POST-DISPATCH, 1/4). 

PLANNING FOR THE FUTURE: The CBC's Elliotte Friedman noted as of Sunday, the NHL "has the legal right to begin negotiating with other cities" to move the Coyotes. But when asked whether the league will explore its options, a source said, "Not in the short term." There are "four cities on the league's radar," and Friedman noted Las Vegas "is a total longshot, although I've heard from several people that NHL commissioner Gary Bettman would love to go there." K.C. "has a beautiful building" in the Sprint Center and "strong support from" the Blues. But there are "questions about ownership and the fan base." That "leaves Quebec City and Seattle." Friedman: "What does Seattle relocation + Quebec City expansion + Toronto expansion equal? A billion dollars. And that might be conservative. Now you understand why Seattle is a possibility. And it all comes down to the arena" (CBC.ca, 1/3).