May 9 (Bloomberg) -- The National Hockey League’s Board of Governors approved the sale of the St. Louis Blues to a group led by Tom Stillman, the chairman and chief executive of St. Louis-based beer distributor Summit Distributing.
Terms of the sale weren’t disclosed in an NHL statement.
The St. Louis Post-Dispatch said Stillman, who has been a minority owner of the Blues since 2007, heads a group of local investors who will pay about $130 million for the Blues, the American Hockey League’s Peoria Rivermen and a significant interest in the Peabody Opera House.
The Blues, who were swept by the Los Angeles Kings in the second round of the playoffs, had an estimated value of $157 million, 27th out of the league’s 30 teams, according to Forbes’ 2011 franchise valuations.
The Blues were sold in 2006 for $150 million to a group led by Dave Checketts, the former president of New York’s Madison Square Garden. Checketts now runs Legends Hospitality Management LLC, the concessions, merchandising and management-services company owned by the New York Yankees, Dallas Cowboys and Goldman Sachs Group Inc.
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