Metro Sports Authority approves resolution of "Boots" Del Biaggio issue

by Dirk Hoag on Aug 5, 2010 11:28 AM EDT

Earlier today the Metro Sports Authority signed off on the Nashville Predators' plans to resolve the "Boots" Del Biaggio situation by purchasing his share of the team from the bankruptcy trustee. J.R. Lind reports on the meeting for the Nashville Post:

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.

According to Nate Rau at the Tennessean, the ownership group intends to allow Woo to buy back into the team once this transaction completes.

This is a landmark achievement in the franchise's history, and puts the ownership group on the path towards truly keeping the team here "forever". Oh, and Mr. Wilson? I'm sure he's waiting in the wings for the rest of the paperwork to proceed. The deal has to actually close with the bankruptcy court (the trustee had requested a hearing for tomorrow according to J.R.'s last report), and approvals are required, but expected, by CIT (the team's major creditor) and the NHL.

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Dirk, how long do you think it will be before this impacts the on-ice product? Is there anything left to prevent additional partners and/or increasing the player budget THIS season?

"Get to the Choppa!"

by PredHead on Aug 5, 2010 4:11 PM EDT reply actions

I doubt it

This is a long-term issue, and it will still likely take weeks to wrap everything up and then go through the process of bringing new partners in. Perhaps, if the team looks like a real contender in February, there might be an opportunity to make an investment at the Trade Deadline for the right player (big if), but that’s pure speculation.

On the Forecheck is SB Nation's blog covering the Nashville Predators. Catch me on Twitter at @Forechecker.

by Dirk Hoag on Aug 5, 2010 4:26 PM EDT up reply actions

A huge positive for the Preds!

First….big improvements in the team with “The best young prospects in the league” and now shoring up local ownership’s stake in the team. Take that all you “Southern Market Experiment” haters. The Preds are here to stay and actually CONTEND!

by TitanPredBearFan on Aug 6, 2010 9:11 AM EDT reply actions