Del Biaggio Files For Bankruptcy, Owes For Hockey Debts

TEAM IMPACT: Predators GM David Poile said of the possible impact Del Biaggio’s financial issues will have on the team, “It’s obviously a situation you wish didn’t happen, but it has nothing to do with the payroll” (Nashville TENNESSEAN, 6/9). In Nashville, David Climer writes, “It remains to be seen how things will shake out, but those on the inside believe the Preds will survive this.” However, Del Biaggio “was a fraud in millionaire’s clothing. You can dress him up all you want in Hugo Boss, but Del Biaggio was equal part smoke and mirrors.” The Predators “are better off without him” (Nashville TENNESSEAN, 6/9).

HOCKEY DEBT: In San Jose, Carey & Bailey wrote Del Biaggio’s personal creditors “all but had ‘hockey’ written next to their names.” At least two of the creditors listed have made loans “directly related to [the Predators] deal, and others are involved with the sport.” In addition to the money owed to Leipold, Del Biaggio owes AEG Facilities $7M (SAN JOSE MERCURY NEWS, 6/7).

BALSILLIE: The GLOBE & MAIL’s Maki & Sekeres wrote, “Unless the NHL has consent rights in any bankruptcy, which would allow the league to steer or influence the sale of Del Biaggio’s interest in the team,” RIM co-CEO Jim Balsillie “would be able to make an offer for the second-largest stake in the Predators.” An NHL source indicated that Balsillie “might buy the Del Biaggio share ‘just to put the heat on the NHL. The trustee has to turn Del Biaggio’s assets into cash (for the creditors). The NHL could be vulnerable’” (GLOBE & MAIL, 6/7). However, NHL Deputy Commissioner Bill Daly said in an e-mail, “The league doesn’t decide anything. The board of governors decides. I would imagine, however, that every potential seller must take into consideration the ‘approvability’ of the potential buyer. Given the track record we have with this particular potential buyer, I’m not sure a healthy dose of skepticism on the ‘approvability’ factor isn’t warranted” (TORONTO STAR, 6/7).

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