: News Article:
Preds officially buy Del Biaggio's shares - owned 95% by Middle TN residents
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08-05-2010, 10:57 AM
Join Date: Jun 2005
Location: Nashville, TN
The Metro Sports Authority took a key step Thursday morning in ending the Predators' - and Nashville's - sordid relationship with Boots Del Biaggio.
The authority voted unanimously to release the team's ownership group from the guaranty agreement made between the city and the disgraced Del Biaggio. In addition, the authority waived a claim against Del Biaggio in a California bankruptcy court.
In exchange, the team's owners agreed to assume the full amount of the guaranty - some $31.2 million - and to make steps to purchase not only Del Biaggio's share of the team but also that of his partner, Warren Woo.
“This is a good move,” said Metro Director of Law Sue Cain. “The local owners are going to gain more control, and it increases the likelihood the team will be here.”
Other hurdles still need to be cleared before the local ownership group can purchase Del Biaggio’s shares in the team before the Aug. 12 deadline. The deal still requires approval from the National Hockey League and CIT Group, the owners’ primary lender from the 2007 purchase of the team.
Sports Authority legal counsel Lary Thrailkill indicated at today’s meeting that the NHL and CIT were close to giving their approval.
The move also requires the local Predators owners to purchase the shares owned by Del Biaggio’s partner Warren Woo.
However, the Predators have indicated that Woo intends to buy back into the team and rejoin the ownership group.
A step closer to putting this behind us! If Woo is being bought out and then allowed to buy back in...I think it isn't long before Brett Wilson joins the ownership group either...
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