Preds Deal Done?November 14, 2007
A deal that could keep the Preds here in Nashville for at least three more seasons could be announced today. The Tennessean is reporting that a 3 pm press conference in scheduled to give details on the agreement.
Nashville Mayor Karl Dean gave the Preds a ‘take it or leave it’ final offer on Friday that included up to $4 million a year for five years in management fees for the prospective Predators owners to manage the arena; a requirement that the team pay for any arena operating losses above about $3.8 million annually; and a requirement that the owners keep the Predators here at least five years, unless they lost $20 million within three years and paid attendance was less than 14,000 a game.
If the owners left after three seasons it would cost them where it hurts…in the pocketbook. They would have to repay about $6.8 million a year that the city would provide in operating support and management fees if they left after the 2009-10 or 2010-11 seasons. If they left after the 2011-12 season – fulfilling the five-year commitment but not the 30-year lease, which expires in 2028 – they would pay the city $10 million.
I will try to keep you updated as more happens…I am just happy this is finally coming to a close!