The sale process of the Blues took another drastic turn Tuesday, as the NHL terminated the purchase agreement held by Chicago businessman Matthew Hulsizer, a league source told the Post-Dispatch.

The deal opens the door for Blues minority owner Tom Stillman, who leads a group of local investors, to buy the club.

Hulsizer, who signed a purchase agreement in October, had until last Saturday to finalize the sale before an NHL-imposed deadline, but that passed without an agreement.

The NHL set the deadline in early November, and recently it appeared that Hulsizer might close the deal in time. But Hulsizer attempted to restructure the financing of the deal several times, according to sources, and none satisfied the league.

After the deadline expired, it was not known whether NHL commissioner Gary Bettman would grant Hulsizer more time to complete the deal, or put the ball in Stillman's court. But on Tuesday, the league informed all parties that it was enforcing the deadline and terminating Hulsizer's purchase agreement.

Sources have told the Post-Dispatch in recent weeks that if Hulsizer failed to complete the sale by the deadline, an arrangement between the NHL and Stillman specified that Stillman would inherit an identical purchase agreement, all the way down to the price.

A source said the deal gives Stillman's group an exclusive 75-day window to complete the deal, but another source says the Blues are still allowed to negotiate with any group, including Hulsizer. The gray area may be a case of Stillman needing to trigger his exclusive rights, which is a mere formality.

In December, the Blues were valued at $157 million, ranking 27th in the NHL, by Forbes.com. The valuation of the club, as per the Hulsizer deal, is $185 million, but the actual price agreed to by Hulsizer was closer to $130 million.

Hulsizer was expected to bring $40 million and Dave Checketts $20 million to the closing, with the group financing the rest of the deal. Multiple sources told the Post-Dispatch that Checketts had raised his share through a private-equity fund, but Hulsizer has failed to secure his portion of the equity.

The Blues are the second NHL franchise Hulsizer has attempted to purchase, following a bid in 2010 to buy the Phoenix Coyotes. Hulsizer abandoned those plans after an agreement with the city of Glendale to use the sale of bonds to supplement the deal was met with resistance by the Goldwater Institute, an Arizona watchdog group.

During his pursuit of the Coyotes, Hulsizer told the Chicago Tribune: "Any former player or coach would love to own an NHL team. I'm a hockey fan, a hockey coach and a hockey player and I would like to join the club."

Many league observers believe that the Blues are Hulsizer's last chance to join the club, saying that having two deals fall apart would tarnish his image. Despite Tuesday's development, however, Hulsizer is expected to continue his effort to buy the Blues.

But after the league's decision, it appears now that the deal belongs to Stillman, who declined comment Tuesday. Stillman has been a minority owner of the club since March 2007, owning 10 percent of the club, according to Checketts.

Stillman is chairman and CEO of Summit Distributing, a St. Louis-based beer distributor.

Stillman heads a group of local investors that includes his father-in-law, former U.S. Sen. John Danforth; Steve Maritz, CEO of Maritz Inc.; Donn Lux, CEO of Luxco; and the Taylor family, owners of St. Louis-based Enterprise Holdings.

The Post-Dispatch reported last month that former Blues player Brett Hull has also inquired about joining Stillman's investment group. A source said Tuesday that Stillman could be close to adding another local investor.

Stillman's group has twice made offers to buy the Blues and twice been rejected. His second offer was between $120-130 million, but under the terms of the purchase agreement would now need to be $130 million to match Hulsizer's offer.

Sources say that Stillman's group has its financing ready to complete the purchase.

Checketts would have a 30-percent stake in the Blues if the club were sold to Hulsizer. He would also receive $1 million at closing and an additional $650,000 per year in his new contract, according to sources.

But if Stillman finalizes the deal, Checketts would not be involved with the club.