Investment group gives up stake in Blues
St. Louis – One of the largest investors in the St. Louis Blues has decided to give up its stake in the hockey team.
TowerBrook Capital partners, based in New York and London, will be selling its share of the frachise.
TowerBrook partnered with Dave Checketts to buy the Blues in 2006 for $150 million.
In a statement, TowerBrook says Checketts has done a remarkable job restoring the "pride and passion of the Blues."
Checketts likewise said TowerBrook's investor status was never expected to be permanent. His company, SCP Worldwide, is working with Citibank to help find new investors for the team.
The move by TowerBrook does not affect the daily operations of the Blues and the team is not for sale.