UPDATE: So...the 3 pm press conference that had been called to announce the terms of the new lease agreement has been called off. The Tennessean is reporting that the local investor group, headed by David Freeman, has not yet approved the deal. I am so sick of this stuff.
If this is indeed the case the local investors have got to realize that the longer this drags on the more they lose the fans. Sure the Preds are playing great hockey right now but you've got to face facts...fans need security and this back and forth bickering is not helping at all.
A deal that could keep the Preds here in Nashville for at least three more seasons could be announced today. The Tennessean is reporting that a 3 pm press conference in scheduled to give details on the agreement.
Nashville Mayor Karl Dean gave the Preds a 'take it or leave it' final offer on Friday that included up to $4 million a year for five years in management fees for the prospective Predators owners to manage the arena; a requirement that the team pay for any arena operating losses above about $3.8 million annually; and a requirement that the owners keep the Predators here at least five years, unless they lost $20 million within three years and paid attendance was less than 14,000 a game.
If the owners left after three seasons it would cost them where it hurts...in the pocketbook. They would have to repay about $6.8 million a year that the city would provide in operating support and management fees if they left after the 2009-10 or 2010-11 seasons. If they left after the 2011-12 season - fulfilling the five-year commitment but not the 30-year lease, which expires in 2028 - they would pay the city $10 million.
I will try to keep you updated as more happens...I am just happy this is finally coming to a close!