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Tax Money May Be Needed To Keep Preds In Nashville
by Paul on 08/17/07 at 07:04 AM ET
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from the Tennessean,
If taxpayers don’t pay an additional $3 million per year to support the Nashville Predators hockey arena, a deal to keep the team in town could fall apart, the leader of a local buyers group said Thursday.
David Freeman, CEO of 36 Venture Capital and leader of the group, said the partners are working with the city to have the public money come from sources like sales tax generated by the hockey team.
“We are trying to identify revenue streams that reflect incentives associated with having the Predators in town,” Freeman said. “For example, sales tax revenues generated out of the arena are an appropriate revenue stream to consider donating to this cause because those revenues would disappear without the team.”
Freeman’s comments came late in the day, after Tennessean.com reported on a city analysis that said the buyers group was seeking Sommet Center lease changes that would cost taxpayers $5 million more per year at the city-owned facility.
added 11:59am, from the Tennessean,
The Predators have surpassed last season’s season ticket total.
The team finished Thursday with a total of 8,764 full-season ticket equivalents, topping the 8,758 the Predators finished with in 2005-06.
Predators vice president Steve Violetta said he feels confident Nashville can hit the 9,000 level by Labor Day, and added that ticket sales traditionally pick up in September, just before the season starts.
Filed in: NHL Business of Hockey, Nashville Predators | KK Hockey | Permalink
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In their rush to be the first one out with this story, the Tennessean glosses over some pretty significant details. Under the current agreement, the Sports Authority covers all the operating losses at the Sommet Center, but as part of this proposal, that risk would shift over to the new ownership group. According to the Nashville City Paper, those losses have averaged about $5 million per year.
It’s much more complicated than the new owners merely asking for a handout.
Posted by Forechecker from Nolensville, TN on 08/17/07 at 08:26 AM ET