Checketts' August 22nd Deadline Arrives
August 22nd has arrived. If you believe Dave Checketts, that means all serious investors and potential buyers for the St. Louis Blues must have their formal offers submitted. Honestly, what should we make of this "deadline" now that it has arrived?
I believe the deadline placed by Checketts should be looked at like this - it's a way to get the sale of the team rolling. Aside from that I wouldn't place much emphasis or much attention on the date itself.
Recently I mentioned that the current deadline isn't as formal as Checketts made it out to be. While it is an intention he wants those interested to start the bidding process, by no means would he overlook an offer if it came in on say August 25th as compared to one from the 22nd - especially if it was for more money.
Take for instance the news that Andy Strickland reported on Sunday about the deadline and one potential buyer, Matthew Hulsizer. Hulsizer, a Chicago businessman, has been linked to several "for sale" franchises including the Blues. Strickland reports
that Hulsizer had no plan to submit a formal offer prior to today's deadline. In other words, Hulsizer will wait for Checketts to come to him if the offers that are submitted by the deadline aren't what the current group is looking for. In even simpler words, it's quite obvious that one investor isn't taking Checketts' deadline very seriously.
With Hulsizer clearly not buying into the deadline, why should we?
From a business perspective, the logical thing for a seller to do is to receive as many offers as possible in hopes that the price they are searching for eventually comes up - or something as close to the magic number as possible. With this logic in mind, one must view the August 22nd deadline as more of a suggestion or a starting point rather than an ending point.
The lingering question once more must be raised - will the sale be finalized before October 8th, when the regular season gets underway? It's becoming tougher to predict. With at least one potential buyer not buying into Checketts' date, common sense indicates other investors and buyers may be using a similar strategy. However, once a seller and a figure can be reached, the actual process could move along at a decent clip. Whether or not everything is finalized prior to the season hinges on just how long Checketts and his group wait for their figure - or on how long it takes for them to lower their number.
Update (10:32am August 22nd)
- Strickland is now reporting
that one of the interested buyers, a group ran by Tom Stillman which consists of local individuals, is believed to submit an offer today, honoring the deadline.