(Reuters) - The National Hockey League's Board of Governors unanimously approved the sale of the St. Louis Blues to a group headed by a former minority owner of the team, the league said on Wednesday.

Tom Stillman, who had a 10 percent stake of the Blues since 2007, and a group of local investors paid $130 million for the franchise according to media reports.

The deal is also expected to include the Blues' minor league affiliate Peoria Rivermen and the management rights to the Blues' home arena.

St. Louis finished second in the Western Conference this season but were swept from the second round of the Stanley Cup playoffs in four games by the Los Angeles Kings.

The Blues were valued at $157 million according to an annual survey released by business magazine Forbes last November that said the league's 30 teams are worth an average $240 million.

(Reporting by Steve Keating in Toronto; Editing by Frank Pingue)