"The NHL-imposed deadline for the sale of the Blues to Matthew Hulsizer is less than 48 hours away and it's unlikely, but still possible, that a deal will be completed in time according to multiple sources with knowledge of the process.

"It could go either way," one source said.

Almost two months ago, the league gave Hulsizer until Dec. 31 to finalize the purchase. And despite sources' claims that a closing had been imminent in recent weeks, nothing has materialized. The hang-up appears to be the ability of Hulsizer and Dave Checketts to provide sufficient equity and perhaps secure the necessary bank financing to guarantee the viability of the ownership group.

Hulsizer, who signed a purchase agreement in October, is required to bring $40 million and Checketts $20 million to the closing, and the group is expected to finance as much as $70 million of the $130 million deal, according to sources. Hulsizer would own 70 percent of the Blues, while Checketts would control nearly 30 percent, although Checketts is not expected to remain involved in the hockey operations.

Neither side has commented publicly on the sale process and both have declined recent interview requests.

The question now is how firm is Saturday's deadline and what exactly qualifies as meeting the deadline. Some sources believe Hulsizer would need to have the approval of the league's Board of Governors, a step that could take place via conference call or even by fax, to satisfy the agreement."