In the latest turn of his downward spiral, William “Boots” Del Biaggio pled guilty yesterday to the fraud charge related to his duping of several lenders out of over $100 million in loans used to, among other things, purchase a share of the Nashville Predators in 2007.
With the aid of his accomplice, broker Scott Cacchione, Del Biaggio used falsified financial statements to present himself as having the collateral to back up the various loans. According to the AP report, he “is scheduled to be sentenced in July to at least 6½ years in prison.“
The timing of these developments only serves to bolster the PR campaign behind Jim Balsillie’s bid to relocate the Phoenix Coyotes to Southern Ontario. Although there are some good reasons to look at Balsillie’s candidacy for NHL ownership with a skeptical eye, nobody doubts the man’s ability to bankroll an NHL team, nor his interest and passion for the game.