ST. LOUIS - Citing significant projected financial losses, Bill and Nancy Laurie, the owners of the St. Louis Blues, have announced that the National Hockey League franchise and the Savvis Center have been put up for sale.
''The Lauries made the decision to sell the team and the Savvis Center because they can no longer justify remaining active in a business which has lost more than $60 million in the past two years and is certain to continue to lose millions annually in the years ahead,'' said Blues President Mark Sauer.
The combined cash deficits of the Blues and Savvis Center since the building opened in late 1994 have exceeded $225 million.
''Substantial future losses are projected even if you take into account what we believe will be a very successful resolution to NHL collective bargaining,'' Sauer continued. ''Those projected losses result from the current high sales and amusement taxes and the absence of city, county and state financial support of the debt service and operations of Savvis Center.''
When the Lauries purchased the team and the Savvis Center in 1999, their long-term business plan hinged on acquiring a National Basketball Association franchise, growth in Blues and NHL revenues, and on obtaining tax and financing relief afforded other professional sports teams here and throughout sports leagues. The NBA rejected the Lauries' attempt to relocate the Vancouver Grizzlies to St. Louis, and the Blues have been unsuccessful in obtaining relief from the City of St. Louis and the State of Missouri.
''Despite our substantial efforts over the past five years, we have been unable to get the Blues and the Savvis Center anywhere close to a combined financial break-even in our projections,'' Sauer said. ''This leaves us with no other choice but to search for a new owner who may be able to address and hopefully better balance the financial interrelationships between the Blues, the Savvis Center and the public sector.''