Predators Ownership Seeking Buyer For Del Biaggio's Stake In Club
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Predators Ownership Tries To Find Buyer
For Embattled Del Biaggio's Share |
The Predators' ownership group is "trying to find a buyer" for the 27% share of the team belonging to embattled Minority Owner William "Boots" Del Biaggio III, according to sources cited by Allan Maki of the GLOBE & MAIL. The NHL reportedly is "helping [Predators Chair David] Freeman and Predators Holdings LLC in their search for a new investor." If the Predators' current owners "can't find a suitable investor, they could opt to buy out Del Biaggio and add to their share." A source said that the NHL also could "help the owners by 'taking the [27%] over.'" Maki writes it is "unlikely the Predators will be in the same near-death throes as they were last summer," but the concern is that Del Biaggo's "collapse has cast a negative light on the franchise as it tries to add corporate backers and season-ticket holders" (GLOBE & MAIL, 6/6).
BALSILLIE ALREADY REBUFFED? The NATIONAL POST's Theresa Tedesco in a front-page piece cites sources as saying that RIM co-CEO Jim Balsillie "attempted to buy an interest" in the Predators from Del Biaggio two weeks ago, but the NHL "cautioned against the plan." But the sources added that when an advisor to Del Biaggio informed NHL Commissioner Gary Bettman of the discussions, Balsillie was "discouraged from proceeding with a deal." Tedesco notes Del Biaggio is "expected to file for bankruptcy in California as early as today," under which a "court-appointed trustee would supervise the liquidation of his assets, including the minority stake in the NHL club." Del Biaggio and the rest of the Predators' ownership group are "trying to find a resolution that would allow him to get 'the most money he can for his interest'" (NATIONAL POST, 6/6).
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