Hello, MBA readers,
College sports could see a seismic shift in the next couple months as multiple states plan to allow college athletes to profit off their name, image and likeness, a practice common in professional sports but long against collegiate rules. Missouri could become one of those states if a bill, already approved by state lawmakers, is signed into law by Gov. Mike Parson. However, the U.S. Supreme Court is expected to rule before month’s end on a case that challenges the National Collegiate Athletic Association’s restrictions on eligibility and compensation — which could alter the national landscape around pay for college athletes. Speaking of Parson approving bills, the governor’s signature Monday on legislation creating a statewide prescription drug monitoring program made Missouri the 50th state to enact such a program. After years of failed attempts to create a monitoring program, the bill will establish a database to track controlled substances in the state. Health officials say it will improve opioid prescribing, inform clinical practice and protect at-risk patients. And, in the growing market for data centers, a Kansas City-area real estate investment trust is being acquired for $10 billion. QTS Realty Trust plans to sell to Blackstone Funds in an all-cash deal. The firm will maintain its Kansas City-area headquarters and leadership.
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Kansas City-area data center REIT to sell for $10 billion
Overland Park, Kansas-based QTS Realty Trust, which specializes in data centers, announced Monday it is being acquired by Blackstone Funds in an all-cash deal. (Kansas City Business Journal)
Bill would allow student athletes to profit from name and likeness
A bill awaiting Gov. Mike Parson’s signature would open up new compensation possibilities for college athletes. Several other states are enacting similar laws, but all face questions at the federal level. (Missouri Independent)
Income from utility bills could be funding energy lobbying
Missouri utilities may be taking advantage of a legal loophole at the state level to fund lobbying efforts using customers’ utility payments. (Missouri Independent)
The Factory opening in July
The $23 million Chesterfield concert venue was originally slated for a grand opening in May, which was delayed by the pandemic. (St. Louis Post-Dispatch)
California real estate firm purchases Chesterfield apartment complex
Passco Cos. paid $98 million to acquire the 345-unit Watermark at Chesterfield Village property from an Indianapolis-based owner. (St. Louis Business Journal)
Four Missourians among regional finalists for entrepreneur award
Chief executives Nathan McKean of BMC Enterprises, Ron Daugherty of Daugherty Business Solutions, Scott Leiendecker of KNOWiNK and Stephanie Isaacson of New Horizons Industries are finalists for the annual Entrepreneur of the Year award presented by accounting firm EY. (MBA)
Blue Stingray looks to add two new offices
The St. Louis-based software development firm, having increased its staff, is now planning one new office in the St. Louis area and another in California. (St. Louis Business Journal)
Say that again
“The KCATA had over the years become a very good bus company. What it needs to be is a transit authority.”
The Kansas City Area Transit Authority is looking to be about more than just buses, according to Robbie Makinen, the organization’s president and chief executive. Makinen wants the transit agency to be more intertwined across its seven-county region and leverage its bi-state position to offer development incentives, The Kansas City Star reports. However, Makinen said he does not want the KCATA to compete with other cities or economic development organizations.
O’Reilly Automotive advanced 46 spots in this year’s Fortune 500. The Springfield-based auto parts retailer now ranks No. 268 on Fortune’s annual list of the largest U.S. companies. It is one of two Missouri companies that moved up more than 40 spots. The St. Louis-based parent company of financial services firm Edward Jones advanced 41 spots, reaching No. 295. In total, 10 Missouri companies made this year’s list. Clayton-based health insurer Centene was once again the top Missouri representative, ranking 24th.
— Missouri Foundation for Health (@MoFoundHealth) June 7, 2021
The Missouri Foundation for Health was among the stakeholders to react Monday when, after years of failed attempts to establish a prescription drug monitoring program in Missouri, Gov. Mike Parson signed into law a bill that will create a prescription monitoring program in the state. It makes Missouri the 50th state to adopt such a program, the Associated Press reports. The new law will establish an electronic database that collects data on controlled substance prescriptions in Missouri, in an effort to curb opioid abuse. As elected officials at the state level failed to pass a monitoring program over the last several years, numerous local governments in Missouri adopted their own programs.
Hello, my name is
Vine Street Brewing
That’s the name Kansas City musician and craft brewer Kemet Coleman has chosen for the city’s first Black-owned brewery, KCUR reports. Vine Street Brewing plans to open by early next year in the city’s Jazz District, breaking into the predominantly white industry of craft brewing. “I think the Black community and other minority communities honestly would benefit from exposure to the industry,” Coleman said. “I want this to be a safe place for all people to come enjoy beer.” Coleman discovered a passion for craft beer after working at Boulevard Brewing Company. There, he learned that people from the African diaspora invented beer. Coleman is partnering with Woodie Bonds and Elliot Ivory to open Vine Street.
It’s been a pleasure doing business with you this morning.