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Predators' Co-Owner David Freeman Sues Team, Partner For Failing To Disclose Financials

Predators co-Owner David Freeman on Thursday filed a $250M suit against the club and Chair Tom Cigarran, a move that once again "calls into question the stability of the Predators ownership group," according to a front-page piece by Nate Rau of the Nashville TENNESSEAN. The longstanding dispute "spilled into state court" when Freeman sued both parties for "not informing him about financial statements and failing to honor loan guaranty fees he says are owed to him" The lawsuit "takes particular aim at Cigarran." The team in a statement said, "The Nashville Predators were disappointed to learn of David Freeman's meritless and inappropriate court filing. ... The club believes this issue should be resolved by the NHL as mandated by the NHL Constitution, to which all owners, including Freeman, are bound. The franchise is healthier than ever and this frivolous suit has no impact or bearing on our organizational operations." Freeman "is suing to have his original ownership stake in the Predators restored." The Predators' ownership structure "is somewhat unique in pro sports because Cigarran does not own the largest share in the team even though he has the powerful role of chairman." Preds co-Owner Herb Fritch "now owns the largest stake." Sources said that there "were recent discussions within the ownership group about Fritch becoming chairman." Those talks "are now on hold." Freeman "initially took his complaints about Cigarran" to NHL Commissioner Gary Bettman’s office. The also suit claims that Freeman believes Cigarran "is to blame" for former CEO Jeff Cogen’s departure. He said Cigarran "was overbearing, even going so far as to snoop on Cogen’s emails" (Nashville TENNESSEAN, 6/24).

INTERNAL ISSUE?
In Nashville, Eric Snyder notes the Predators "have seemed to enjoy greater stability since flirting with bankruptcy" in '08. However, the lawsuit "reveals significant strife between two team co-owners." This "sudden appearance of acrimony among the team's owners, combined with the sizable amount of damages sought by Freeman, may make Predators fans and boosters suddenly nervous about the team's stability" (BIZJOURNALS.com, 6/23). Nashville Mayor Megan Barry's COO Rich Riebeling said that the administration "is not taking sides" in the dispute. Riebeling "confirmed earlier this week that he and the mayor were aware of 'internal issues' between the team’s owners." He "expressed confidence" in ownership, calling the disagreement a “business issue." Riebeling said, "It’s an internal issue. Nothing’s affecting the operations of the arena, or the team or anything like that. There’s nothing that we are imminently concerned about." Also in Nashville, Joey Garrison notes the Nashville Metro Council "has a financial interest in monitoring the operations" of the Predators, which "plays in city-owned Bridgestone Arena." Over the past eight years, Metro has paid $64M "in incentives and subsidies" to the Predators (Nashville TENNESSEAN, 6/24).

PRACTICE MAKES PERFECT: In Nashville, Getahn Ward reports the Predators "are exploring putting a practice facility with community ice rinks in Bellevue, which would be the hockey franchise’s second outpost after the Ford Ice Center in Antioch." Metro Council member Sheri Weiner said, "They’re looking at multiple options. They’ve always wanted be in Bellevue. They’re just looking for the right site.” Predators Senior VP/Hockey Communications & PR Gerry Helper said that the club "is open and willing to talk with any party about adding ice facilities across Middle Tennessee." He said, “For youth and adult hockey to continue to grow, it requires more ice. We can never have too many ice facilities.” Ward notes the Predators "practice at Centennial Sportsplex, in addition to Bridgestone Arena where the team plays and occasionally at Ford Ice Center." The hockey franchise "manages the Antioch facility, which the city owns" (Nashville TENNESSEAN, 6/24).    

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