Post by crazycanuck on Dec 13, 2009 14:58:56 GMT -5
www.rivercitysportsblog.com/
December 12, 2009
Preds in Trouble. That makes Five Admissions. Time to Give an NHL Franchise to Winnipeg.
Views and comments expressed in posts do not necessarily reflect the views
of River City Sports.
TAMPA — It's one thing to be in trouble. It's another thing to admit it.
In the National Hockey League, there are more admissions every day.
The New York Islanders, Columbus Blue Jackets, Florida Panthers, Atlanta Thrashers and the Phoenix Coyotes have all admitted that they are having financial problems in their markets. The Tampa Bay Lightning have admitted ownership troubles and the Dallas Stars will likely have to be sold because of the recession's effects on owner Tom Hicks' fortune. Hockey is in trouble in many U.S. markets and. of course, Winnipeg sits patiently and waits for the NHL to decide its own future.
This week, members of Nashville's Metro Sports Authority admitted they were worried about the future of the Preds at Nashville's Sommet Centre.
“We are sort of hostage to somebody that comes along and makes a better deal in terms of another city,” Sports Authority member Steve North told Nate Rau of the Tennessean.
The source of the worry began when it was revealed that Preds majority owner David Freeman has a personal $3.5 million tax lien against him.
According to Rau, the lien against Freeman was the latest development in a series of financial bombshells. Last month the team filed suit against the Sommet Group to terminate the naming rights agreement at the downtown arena. Six weeks ago, CIT Group, which lent the local ownership group $85 million, filed for bankruptcy protection. And, of course, there is William (Bootsie) Del Biaggio , a minority owner, who filed for bankruptcy after he was jailed for fraud. His 27 percent stake in the franchise is now tied up in bankruptcy court.
Meanwhile, if the Predators show a $20 million cumulative loss (beginning in 2007) and if attendance falls below an average of 14,000 paid per game, the owners can exercise an opt-out clause from their lease beginning on May 1, 2010. That would allow the team to leave Nashville.
So now, with Phoenix, Columbus, Nashville and Atlanta officially in trouble, there is a good chance Winnipeg will be in line for an existing team soon.
In fact, the sooner it happens, the better off the NHL will be.
December 12, 2009
Preds in Trouble. That makes Five Admissions. Time to Give an NHL Franchise to Winnipeg.
Views and comments expressed in posts do not necessarily reflect the views
of River City Sports.
TAMPA — It's one thing to be in trouble. It's another thing to admit it.
In the National Hockey League, there are more admissions every day.
The New York Islanders, Columbus Blue Jackets, Florida Panthers, Atlanta Thrashers and the Phoenix Coyotes have all admitted that they are having financial problems in their markets. The Tampa Bay Lightning have admitted ownership troubles and the Dallas Stars will likely have to be sold because of the recession's effects on owner Tom Hicks' fortune. Hockey is in trouble in many U.S. markets and. of course, Winnipeg sits patiently and waits for the NHL to decide its own future.
This week, members of Nashville's Metro Sports Authority admitted they were worried about the future of the Preds at Nashville's Sommet Centre.
“We are sort of hostage to somebody that comes along and makes a better deal in terms of another city,” Sports Authority member Steve North told Nate Rau of the Tennessean.
The source of the worry began when it was revealed that Preds majority owner David Freeman has a personal $3.5 million tax lien against him.
According to Rau, the lien against Freeman was the latest development in a series of financial bombshells. Last month the team filed suit against the Sommet Group to terminate the naming rights agreement at the downtown arena. Six weeks ago, CIT Group, which lent the local ownership group $85 million, filed for bankruptcy protection. And, of course, there is William (Bootsie) Del Biaggio , a minority owner, who filed for bankruptcy after he was jailed for fraud. His 27 percent stake in the franchise is now tied up in bankruptcy court.
Meanwhile, if the Predators show a $20 million cumulative loss (beginning in 2007) and if attendance falls below an average of 14,000 paid per game, the owners can exercise an opt-out clause from their lease beginning on May 1, 2010. That would allow the team to leave Nashville.
So now, with Phoenix, Columbus, Nashville and Atlanta officially in trouble, there is a good chance Winnipeg will be in line for an existing team soon.
In fact, the sooner it happens, the better off the NHL will be.