Jul 21, 2010, 8:50 PM EST
One of the uglier and more disturbing eras in the Nashville Predators short history appears to be close to coming to an end. One time minority owner William “Boots” Del Biaggio III, who is headed to prison on fraud charges, will have his stake in the Predators purchased by the team’s other owners in a move to rid themselves of Del Biaggio’s fraudulent and bankrupt presence with the franchise.
The team’s owners announced Wednesday a signed agreement with a federal trustee to buy the shares of William (Boots) Del Biaggio III. The owners will pay only US$15.2 million for his shares, which are valued at $25 million but are tied up in bankruptcy court.
The deal is expected to be approved by the court and the NHL in August.
“This is a significant step forward to strengthen our franchise’s financial position,” said Tom Cigarran, chairman of the ownership group, Predators Holdings LLC.
With the Predators almost always being under scrutiny, financially speaking, this step in buying out Boots’ part of the franchise (27% of it to be exact) does a lot to quash worries from fans and outside onlookers alike about the security of the team. As for what happened to ole Boots, he’s headed to prison for eight years for fraud. When you fall from grace, you fall pretty hard especially when it means screwing people on million dollar payments and loans.
- Burgled: Sens’ Hammond shuts out Kings 2
- Wild get important win vs. Preds (and some luck, too) 16
- Trading baggage: Blue Jackets grab Clarkson, send Horton’s contract to Leafs 58
- Panthers acquire Jagr from Devils 28
- Trotz doesn’t see a ‘big, sexy, difference-maker guy’ on the market 16
- What’s up with the reports of problems in the Blackhawks’ room? 40
- Petrovic: Chicago will ‘probably seek revenge’ for Kane injury tonight 81
- Lombardi happy to get ‘one of the better defenseman on the market’ in Sekera 3
- NHL on NBCSN: Wild need two points from NHL-leading Preds 21
- Video: Potential No. 1 overall pick Connor McDavid goes end-to-end, top shelf 9
- Leafs’ Rielly apologizes for insensitive remarks (86)
- Petrovic: Chicago will ‘probably seek revenge’ for Kane injury tonight (81)
- Chiarelli understands scrutiny on GM and coach, but says, ‘It’s unfortunate that we’re under review for one year’ (69)
- ‘I don’t know why we’re so comfortable,’ says Toews after loss to Avalanche (69)
- Report: Alex Petrovic avoids discipline after injuring Patrick Kane (65)