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Attention Mainstream Hockey Media... despite your best efforts to spin this news, get one thing straight…
With the agreement announced on Wednesday afternoon, the Nashville Predators are now almost completely Tennessee owned and operated, save for a small percentage owned by California investor Warren Woo. and they got a good deal for it too! :)
Wednesday’s press release…
PREDATORS OWNERSHIP REACHES AGREEMENT TO ACQUIRE SHARES PREVIOUSLY HELD BY WILLIAM “BOOTS” DEL BIAGGIO
Nashville (July 21, 2010) – Nashville Predators Chairman Tom Cigarran announced today that the Predators ownership group has signed an agreement with the bankruptcy trustee to acquire the entity (Forecheck Investments, LLC) containing ownership shares in the Nashville Predators held by the William “Boots” Del Biaggio bankruptcy estate.
The agreement has been approved by the creditor’s committee and has been submitted to the bankruptcy court for final approval. Upon securing approvals from the bankruptcy court, the NHL, the team’s lender, and the Sports Authority, the team expects to complete the purchase sometime in August. The shares are being purchased by Predators Holdings, LLC through funding from the local ownership group.
“This is a significant step forward to strengthen our franchise’s financial position,” Cigarran said. “We have worked with Todd Neilson (trustee for Boots Del Biaggio’s estate) to arrive at reasonable terms. This transaction eliminates a significant future liability and allows the Predators to move forward. We are pleased that Warren Woo (who originally joined the ownership group through a minority investment in Forecheck Investments) will continue his involvement in our ownership group. He brings keen insight and knowledge of business and hockey to our group.”
The Predators’ ownership group is purchasing Del Biaggio’s $25 million ownership stake for $15.2 million. In addition, the organization has agreed to withdraw its damage claims against the estate.
Upon completion of this transaction, Predators Holdings, LLC will consist of: Tom Cigarran (Chairman), Herb Fritch, Joel and Holly Dobberpuhl, David Freeman, Chris Cigarran, De Thompson V, John Thompson and Warren Woo. Predators Holdings LLC originally purchased the Predators in December, 2007.
Now we do the dance of joy!
After three years of Pred Nation worrying, fretting and general all around “Holy S#!t, what if” scenarios the team is safe and sound in local hands. I wonder what snobbish hockey writers and other so-called experts will write tomorrow?
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After all the whining and wailing a gnashing of teeth over the Kovalchuk deal… I’m glad the NHL finally said “ENOUGH!”
It should’ve happened last year with the Hossa or Pronger deal but better late than never.
I don't buy the arguement that because you let those deals go through, you have to let this one through.
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You are invited to follow me on Twitter. Search for PredPAPaul… Not only will I be updating when I get news or updates… I’ll also be updating with starting lineups and scratches during Pred home games, also I’ll be supplying information and explanations from the PA box.
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