Letter To Be Signed…What Does It Mean?August 1, 2007
What was reported here first yesterday is now being reported by all the local and national media outlets…a letter of intent will be signed today between local investors and current Predators owner Craig Leipold. For those who don’t follow this as closely as some here is what it all means.
The letter of intent means that the local group and Leipold will enter a period of exclusive negotiations. Meaning that Leipold will not be able to talk to any other prospective suitors for the team.
With a signed letter we also should see a detailed plan on how the local group expects this to play out. Meaning we should know the price, the investors and how they intend to make this happen. It is possible that we may even have an idea on how the lease with the city may be restructured to make this more appealing for local ownership.
A letter of intent also gives them time to make sure all of the I’s are dotted and T’s are crossed. The next step would be a binding agreement where a large chunk of non-refundable cash will change hands. That is the point of no return.
While today is a great step in keeping the Predators here in Nashville we are far from done…but we do have, for the first time, a legitimate local group who appear to be ready to take the reigns of the Preds.
We will keep you updated as we find out things.