Non-binding term sheet in place on sale of Blues to Hulsizer Staff

10/5/2011 9:09:32 PM

A non-binding term sheet has been drafted as part of the process that could see the St. Louis Blues sold to Chicago businessman Matthew Hulsizer.

The non-binding term sheet is in place, and outlines the price of a purchase agreement, key provisions and the fact Hulsizer will assume controlling interest if the deal closes.

There have been multiple discussions and this is considered a strong start towards a sale, but some involved clarify it is still early in the process and all parties have to go through due diligence.

There is no time frame, however, Hulsizer is eager to close on this deal as soon as possible.

Hulsizer withdrew an offer to buy the Phoenix Coyotes from the NHL in June after failing to negotiate a new arena lease with the city of Glendale, Arizona.

Current Blues owner Dave Checketts has been trying to complete a sale of the team in time for the regular season.