Nashville - The Nashville Predators ownership strengthened its hold on the franchise, after agreeing to acquire the remaining ownership shares from former investor William "Boots" Del Biaggio.
"This is a significant step forward to strengthen our franchise's financial position," said Predators team chairman Tom Cigarran. "We have worked with Todd Nelson (trustee for Del Biaggio's estate) to arrive at reasonable terms. This transaction eliminates a significant future liability and allows the Predators to move forward."
According to the terms of the agreement, the current ownership group will purchase Del Biaggio's $25 million ownership stake for $15.2 million, and will also withdraw its damage claims against Del Biaggio's estate.
Del Biaggio was sentenced to eight years in federal prison last September after being convicted of bilking banks as well as the owners of two NHL franchises out of more than $100 million dollars and forging documents to acquire the loans to purchase a controlling interest in the Predators.
The deal now has to clear several hurdles, among them the court which handled Del Biaggio's bankruptcy before he headed off to prison, and the NHL itself. Approval of the purchase is expected to occur some time in August.