“I wouldn’t say it was a business decision, so much as a civic decision,” David Steward described his participation in an ownership group that has been approved to purchase the St. Louis Blues for $130 million.
Though he declined to cite dollars or percentages, Steward said he is “one of a group of business leaders interested in preserving this team in our community.”
Steward is founder and chairman of the $4 billion World Wide Technology, Inc. The majority owner and managing partner of the new ownership group is Tom Stillman, who previously was a minority owner of the franchise.
Stillman was “minority owner” in terms of percentages, but Steward, who is African-American, becomes a minority part owner of a major professional team in St. Louis in an historic sense.
“Steward will be the first African-American co-owner of any professional sports team of the four major sports in St. Louis,” said Michael Claiborne, St. Louis American sports columnist and Cardinals broadcaster.
“He will also be the highest-profile African-American owner in the National Hockey League. Steward will join the likes of Earvin “Magic” Johnson, who is part of the ownership group that recently purchased the Los Angeles Dodgers, Michael Jordan of the Charlotte Bobcats and entertainer Jay-Z with the Brooklyn Nets of the NBA – all African Americans who are involved in ownership of major sports teams.”
The significance is not lost on Steward.
“I think it will be much more visible than ever before, having a person of color involved at this level,” he said. “I think we will see diversity as a more important value proposition, something that will broaden the audience and the value to the community overall.”
This relates back to his sense of having made a civic, rather than business, investment.
“The Blues as an organization is a civic asset like any civic asset of long standing. Having the team in this city makes the city more competitive, and more competitive on a global scale – as it should be.”
The blues were acquired along with their Peoria Rivermen affiliate of the American Hockey League and “significant interest” in the Peabody Opera House, a performing arts venue that is attached to Scottrade Center, according to the Sporting News.
