Owner: Blues will buy Rivermen, keep team in town
The Peoria Rivermen ownership tandem of Bruce Saurs and Anne Griffith has entered its end game.
It's going to result in one last save by Saurs for professional hockey in Peoria.
According to AHL and NHL sources, the Rivermen franchise is well on its way to being sold to Sports Capital Partners Worldwide. The New York-based sports, media and entertainment group owns the National Hockey League's St. Louis Blues.
St. Louis is the parent club of the Rivermen. It's apparent the Blues plan to keep the team in Peoria, where there is both a lease with the Civic Center and an affiliation agreement with the Blues that runs through the 2009-10 season, plus an option for five years more beyond that.
"We at SCP and the Blues ownership level have always placed a high priority for how our minor league clubs are operated," said Blues vice-chairman Michael McCarthy, a partner in SCP and former president of Madison Square Garden Networks Group.
"We've begun a diligence process to analyze the Peoria Rivermen. Everything we've found so far has been excellent.
"We know Peoria hockey has great community support ... Bruce Saurs and his operation are top notch, and everything we've seen, we've liked. We're at the beginning of the diligence process, and it's going to take some time."
Saurs says other NHL teams expressed interest in the last two months in buying the Rivermen as their farm club -- and moving them out of Peoria -- but that the Blues stepped up.
"Anne and I are thrilled at their interest and feel we are progressing toward a sale," Saurs said. "I couldn't have a better partner than the St. Louis Blues. We've lost significant money the last few years, yes. But everything changed this season with our new marketing strategy (bringing in celebrities for appearances at games), and it has generated huge ticket sales and shown us the light at the end of the tunnel. We're projecting at least break-even next year."
The asking price for the Rivermen is $3.5 million, sources say, which is the going rate for AHL teams. The Dallas Stars and Anaheim Ducks are believed to be the NHL teams that contacted Saurs about buying and moving the Rivermen out of Peoria. Anaheim, according to sources, presented a letter of intent to purchase the team in February. It remains unsigned by Saurs and Griffith.
"My goal has always been to keep this team in Peoria," Saurs said. "The Blues have been gracious and have acted quickly."
Saurs bought the Rivermen in 1989 when they were on the brink of folding under Civic Center ownership and management.
Saurs, 81, has been at the helm ever since, adding Griffith as co-owner in 1996 when the team moved down from the IHL to the ECHL
Last spring, Saurs told the Journal Star he needed to locate a new local candidate to whom he could pass the ownership torch.
Griffith, according to sources, wants out now and has pressed the issue since early February. She did not return a phone call Tuesday.
The Blues are believed to be buying Griffith's half of the Rivermen.
It's also believed the NHL club will work a deal to buy out Saurs' half over a period of 3 to 5 years. That will allow Saurs to remain as SCP's partner for a few years. The Blues also might be willing to let Saurs sell his half to a local candidate, should one eventually come forward.
Negotiations are fluid, and it's possible the Blues will simply buy out both Griffith and Saurs immediately. But sources say SCP sees Saurs' continued involvement as an ideal option. St. Louis also is said to like Peoria's business staff.
"I think everything we've done at SCP has proven we have faith in local expertise and operations people," McCarthy said. "As we used to say in the old days at MSG, 'He knows the building.'
"We're going to give this (sale) the time and process it deserves. I absolutely agree with those who say Peoria is a linchpin market for the AHL's midwest region. It's important to the league, and to the Blues."
SCP Worldwide representatives, including McCarthy, have been in Peoria multiple times in recent weeks. They have pored over the Rivermen financial records, toured Carver Arena and taken photos of the locker room.
SCP bought the Blues in June 2006 and also owns Major League Soccer team Real Salt Lake. It has a partnership with the Real Madrid soccer club and owns platform rights to the 2010 South American World Cup qualifying tournament.
Dave Eminian can be reached at (309) 686-3206 or deminian@pjstar.com