January 8, 2012 1:29 PM
The Score: Blues Bid Falls Through
Posted by Brian Baxter
Plenty of Am Law 200 corporate lawyers stayed busy last year advising a bevy of clients seeking to buy and sell professional sports teams, assets that are generally considered to be recession-proof investments.
And while 2012 is likely to see its share of pro sports–related transactions, one deal that won’t be happening is the proposed sale of the NHL’s St. Louis Blues now that the league has terminated a purchase agreement for the franchise—valued at $157 million by Forbes—put together by Chicago businessman Matthew Hulsizer.
According to ESPN, financing concerns helped sink the deal at the last minute, opening the door for minority owner Tom Stillman to mount his own bid to take full control of the Blues.
So far, lawyers working on the expected sale of the Blues aren’t talking. Bryan Cave corporate partner Ryan Davis in St. Louis, who regularly represents the franchise in connection with their business operations, declined to comment on the sale process when reached Friday by The Am Law Daily. Bryan Cave serves as standing outside general
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