The Nashville Files - Local group adds Del Biaggio, signs letter of intent to buy Preds

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Local group adds Del Biaggio, signs letter of intent to buy Preds

A local group of investors announced Wednesday they've signed a letter of intent to buy the Nashville Predators from Craig Leipold and bolstered their ranks with the addition of businessman and NHL team co-owner William "Boots" Del Biaggio.

The California businessman had been seen as a rival, but the Nashville-area investors embraced him and brought him in to negotiate with Leipold. A letter of intent ensures exclusive negotiations and is a first step toward a binding agreement.

Del Biaggio owns a minority stake in the San Jose Sharks, a rival NHL team.

The local group, led by venture capitalist David Freeman, began pursuing a Predators deal when Canadian billionaire Jim Balsillie struck an agreement to buy the team for $220 million. The Balsillie deal went sour shortly after the co-CEO of Research in Motion began taking steps to move the team to Hamilton, Ontario - including the sale of prospective tickets through the Canadian arm of Ticketmaster.

During a press conference at the Sommet Center, Balsillie's attempt to buy the team was criticized, particularly the use of the team's logo in ticket presale efforts.

Another goal of the local group is to put a cash payment down before September to enable a binding purchase agreement. The NHL owners could then formally evaluate the bid before the regular season.

The Nashville group of buyers is offering a $193 million bid.

The prospect of the team leaving Nashville spurred a hard push by local business leaders to boost season ticket sales.

Our Team, a Nashville group which hopes to boost ticket sales above the 14,000 mark, was a major part of a July 19 rally at the Sommet Center aiming to sell season tickets. By the end of that rally and ticket-a-thon, 726 full-season tickets were sold, 226 more than the goal. Our Team officials now say the Predators may be in record ticket-sale territory.

If the Nashville Predators average more than 14,000 seats sold per game, the team is locked into a lease with Metro through 2028.

"We're hopeful," says Herb Fritch, CEO of HealthSpring and member of the local investment group. "It's encouraging to see that level of support."

Fritch says Freeman is handling the day-to-day negotiations with Leipold and Metro government.

Ron Samuels, chairman of Our Team and president of Avenue Bank, says the Predators have sold 2,000 new full-season tickets since a push was made to keep the NHL team in Nashville.

There is also a 69 percent renewal rate, well ahead of the mid-August marketing push by the Predators team, Samuels says.

"This suggests the Predators are way ahead of where they have ever been," says Samuels.

A goal of the local group is also to finish up talks before regular-season practice begins in September.

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