We have just learned that an NHL team is about to be sold!
Since the Nashville Predators joined the National Hockey League in 1998, they have had a fairly stable ownership group. When the team was first formed, Craig Leipold was at the helm. Then, when the Predators were going through financial difficulties in the mid-2000s, Leipold sold the team to a group of companies that banded together to keep the team in Nashville. They called the investment group Predators LLC. Since 2007, the team has remained under this ownership group, but now it looks like they will sell the team to one billionaire man.
Predators LLC originally purchased the Nashville Predators for $175 million in 2007. The team is now valued at $680 million, nearly four times its original value. The investor group will make a huge profit on this sale. At this time, there are no details on the exact purchase price, but we have some idea who will buy the team.
Bill Haslam is the former mayor of Knoxville, Tennessee, and former governor of the state. He is worth an estimated $2.3 billion. He was the second richest person ever elected to public office. Haslam was born and raised in Tennessee, so it makes sense that he would buy a team there. His brother owns the Cleveland Browns in the NFL, so buying sports franchises is nothing new for the family.
It will be interesting to see what direction Haslam takes with his new franchise. Being currently owned by a group of local businesses in the area, the team is more connected to the city and its people. If a single billionaire takes over the team, we could see a greater focus on profit versus team success. Let's hope, for Predators fans, that they don't turn into the NHL version of the Cleveland Browns...
