Sep 2, 2010, 9:30 PM EDT
The history of sports is littered with swaggering, more-talk-than-walk owners, especially in the not-always-financially-stable NHL. Old money guys might not be the most PR-savvy or exciting, but aside from the occasional breakthrough in the form of Mark Cuban, most of the attention-seekers tend to fall on their faces (see: the Tampa Bay Lightning’s former owners Oren Koules and Len Barrie).
So it must come as quite a relief to the Nashville Predators (and their fans) to rid their franchise of William “Boots” Del Baggio. The team released word that their former partial owner is now completely out of the picture.
Nashville Predators Chairman Tom Cigarran announced today that the Predators ownership group has completed the purchase of the franchise ownership shares previously held by Forecheck Investments, LLC (William “Boots” Del Biaggio previously owned 83% of Forecheck Investments).
The transaction has been approved by all the necessary parties, including the National Hockey League and the Metro Nashville Sports Authority. As a result of the transaction, the local ownership group now owns more than 95% of the franchise ownership shares.
“This is a significant step for the Predators franchise on several levels,” Cigarran said. “First and foremost, it strengthens our franchise’s financial position and eliminates a significant future liability. In doing so, it closes the book on a distraction and allows the Predators and fans to move forward, focusing on what matters most – putting the best possible team on the ice and creating the best possible in-arena atmosphere and entertainment experience. Also, while the franchise was initially known as Nashville’s team because it was created here in Music City, this transaction reinforces that theme as more than 95% of the ownership shares are now held by local residents.”
Considering the team’s need to lay down local roots, it’s great to hear that the team is now 95 percent locally owned. While they are years away from being one of the league’s biggest spending teams (if they ever get to the level), you have to imagine that stable ownership could help the team go from scrappy, defensive-minded overachievers to a club that might actually be able to get past the first round of the playoffs.
The timing is right, too, when you look at the fact that their one true star Shea Weber will be a restricted free agent after next season. Sometimes blue chip players want a stable organization – not just gobs of money – to stay with a team, so this could make a big impact on Weber’s opinion of the club.
And who knows, they might be able to land promising free agents in the future, too.
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