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Leipold Wanted Out Of Nashville
by Paul on 07/31/08 at 08:46 AM ET
Comments (3)
from Brad Schrade of the Tennessean,
A copy of the confidential Aug. 31, 2007, purchase agreement between Leipold and head of the local majority ownership group, David Freeman, obtained by The Tennessean, shows exactly what Leipold had to do. The document was so confidential that Metro’s attorney, Larry Thrailkill, who negotiated the city’s lease changes with the new owners, never saw it.
The document shows how far Leipold may have had to go to get out of town. It suggests that the deal to sell the team could have fallen apart if Leipold failed to keep $30 million of his own money in the team for one year or failed to find an outside investor to put the money up. If those conditions weren’t met, Freeman and his group could have gotten their $10 million deposit back, according to the document.
Filed in: NHL Teams, Minnesota Wild, Nashville Predators | KK Hockey | Permalink
Tags: Craig+Leipold,
Comments
All sports commissioners work for the owners. That will never change. Look what happened to Bowie Kuhn. He was the last guy that had the best interests of the “game” in mind. This stuff will always go on so I wouldn’t lose any sleep over it. There are very few owners that care about the game. They’re only interested in the “deal”. I’ve always said the players should form their own league but that would be considered communism by the powers that be.
Posted by kevin from boston on 07/31/08 at 10:17 AM ET
That’s why the NHLPA exists, Kevin. The league’s owners are a totalitarian regime with “Chairman Mao,” as I like to call him, running The Party.
Posted by George, from a computer that is not his from Somewhere near South Lyon, MI on 07/31/08 at 04:54 PM ET
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It cannot possibly surprise those who’ve been following the NHL and Bettman’s misadventures in ownership approval over his tenure that this happened--that a decent chunk of the Predators’ sale was financed by people who out-and-out wanted to move the team in AEG/Boots, and that Leipold, who eventually agreed to not sell his team to the Blackberry CEO whose franchise relocation may have rendered the NHL’s constitution illegal, was given a “sweetheart” deal to leverage the franchise equity he gained by sustaining day-to-day losses for a big increase in the Preds’ bank value into a purchase of one of the league’s most profitable teams.
This sticks in my craw a little more because Bettman wasn’t willing to wait for the province of Manitoba and/or Winnipeggers to subsidize the ownership of and the rink that the Jets would have theoretically have played in had they not moved to Phoenix…
But it’s par for the course. This whole Predator mess is simply indicative of how the good old boys’ club that is the Board of Governors works.
If you, say, staunchly support Mr. Commissioner during the lockout, claim that a franchise which still must be subsidized by the Nashville Metro to operate will be “saved” by a salary cap, and grudgingly agree to pass up a huge payday to not step on Maple Leaf Sports and Entertainment’s toes, and you’re going to get the franchise of your dreams.
If try to shake things up, and do something as stupid as state that you’re moving a team even before you purchase it, it doesn’t matter if you’re a billionaire--you’re not allowed in the club.
The NHL’s owners don’t necessarily have the “game’s” best interests in mind--they have their own interests at heart, and the owners’ commissioner’s job is to make sure that the owners enjoy doing business with the NHL, if only eventually. That’s just the business of hockey for you.
Posted by George James Malik from South Lyon, MI on 07/31/08 at 09:06 AM ET