Another NHL team cashes in and sells part of ownership

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Josh Tupper
July 18, 2024 (8:24 PM)

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St. Louis Blues Make an Ownership Change Ahead of 2024-25 Season

The St. Louis Blues have reportedly undergone an ownership change ahead of the upcoming 2024-25 season, joining other NHL teams like the Ottawa Senators and the Nashville Predators in recent ownership shifts. David Pagnotta of The Fourth Period broke the news on social media Thursday morning.

According to Pagnotta, the Blues have sold a partial ownership interest to Michael W. Riney, founder and Managing Director of QRM Capital, an investment firm. This change maintains the team's all-local ownership structure.

"Earlier this morning, the St. Louis Blues announced a change in their ownership group: David Steward's partial ownership stake has been sold to Michael W. Riney, keeping the team's all-local ownership structure intact,"

Pagnotta said.

The Blues also released a statement welcoming Riney to the ownership group, emphasizing his passion for the team and commitment to St. Louis.

"We are pleased to welcome Michael Riney to our ownership group. Like all members of the group, Michael has a passion for the Blues and a strong commitment to St. Louis. The rest of the group will remain the same as we work toward a successful 2024-25 season."

Despite the team's recent lack of on-ice success, they have continued to draw fans to their games. Last season, the Blues boasted an average attendance of 18,084, their highest since the 2019-20 campaign. This strong fan support is a positive indicator for the team's revenue, especially through ticket sales.

The Blues' ownership group remains optimistic about the team's prospects and is hopeful that the organization can quickly rebound from missing the Stanley Cup Playoffs in consecutive seasons for the first time since 2009-10 and 2010-11.

Source: St. Louis Blues
Blues announce transfer of partial ownership interest