Preds Ownership Assures Nashville They Could Cover City's Losses
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Predators Ownership Assures Nashville It
Can Cover $50M Commitment To City |
The Predators ownership group assured Metro Sports Authority (MSA) officials earlier this week that "their collective net worth would be enough to repay the city’s investment if the hockey franchise went belly up,” according to Michael Cass of the Nashville TENNESSEAN. However, some of the recently submitted financial guarantee statements, which the owners are "required to file annually, have included the individual owners’ shares in the team,” prompting “questions about whether the owners would have enough money to cover a guarantee to the city of up to $50[M] if the Predators or their lenders went into bankruptcy.” The team's Sommet Center lease agreement "includes provisions to ensure that the city can collect as much as $50[M] in liquidated damages if the franchise breaches the contract." MSA Finance & Audit Committee Chair Rusty Lawrence Thursday said that he “would like to be sure the owners have sufficient money from other interests to cover the agreement with the city if they ever need to.” Lawrence: “If the team does get embroiled in something where we couldn’t get at the assets, is there enough to guarantee security to the city?” However, Predators Senior VP/Communications & Development Gerry Helper said that each owner in the financial statements "simply had to guarantee that his or her net worth met a minimum amount." None of the owners are "required to list their holdings or provide a total net worth" (Nashville TENNESSEAN, 8/14).
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