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Financial Issues In Nashville
by Paul on 12/01/09 at 06:33 AM ET
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from David Shoalts of the Globe and Mail,
David Freeman, the chairman and governor of the Nashville Predators, has a $3.35-million (all currency U.S.) tax lien on his house and admits to cash-flow problems but both he and the NHL claim there are no concerns about the financial health of his hockey team.
However, since the Predators owners have to maintain a guarantee of up to $50-million with the city of Nashville that is based on their net worth along with other obligations, the lien raises a number of red flags.
There is also the security that has to be maintained with the team’s major lender, CIT Group, which is owed at least $85-million. CIT is in the middle of bankruptcy reorganization, which further complicates matters. Another problem is a drop in attendance this season, which could lower the amount the Predators earn from the NHL’s revenue-sharing plan.
Filed in: NHL Teams, Nashville Predators | KK Hockey | Permalink
Tags: David+Freeman,
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