Aug 1, 2007, 21:05 GMT
Nashville, TN - The Nashville Predators announced Wednesday that Craig Leipold has signed a letter of intent to sell the team to a group of local investors for nearly $200 million.
The group, which will have majority and controlling interest in the club and Power Management (the company the manages the Sommet Center), comprises eight partners, including David Freeman, chief executive officer of 36 Venture Capital LLC, and Herb Fritch, CEO of HealthSpring Inc.
The sale price for the franchise is $193 million. The National Hockey League's Board of Governors must approve the sale. The anticipated closing date of the transaction is no later than September 30, 2007.
'I am thrilled that David Freeman and his local group have joined up with Boots Del Biaggio and come together to purchase the Predators,' Leipold said. 'My hope is that their commitment to Nashville will be reciprocated in the form of business and individual support on an ongoing basis to make this franchise successful for the long-term. This is a great day for Predators fans, players and staff!'
Leipold has undergone efforts to sell the franchise because of losses of $70 million since getting awarded the club in June of 1997.
The new ownership group plans to keep the team in Nashville, something other potential buyers were not willing to do.
'Six weeks ago we set out to acquire the Predators so that we could make sure our team stayed in our town. The letter of intent is a big step toward making it happen. Nashville is now firmly in the drivers seat to keep this franchise,' said Freeman. 'We are confident of moving through this process successfully and starting the 2007-08 season with local ownership in majority control of the future of the franchise. We want to thank Craig for giving us this opportunity.
'We have recruited Boots Del Biaggio to our investor team because as a limited partner in the San Jose Sharks he has strong experience and is respected by the Board of Governors,' added Freeman. 'His proven success in this league is important to us.'
Del Biaggio will assume a minority investment position.
© 2007 The Sports Network
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