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.