The NashvillePost cites a Toronto's Globe and Mail story that the Nashville Predators' franchise has defaulted on a $40 million loan, making the team's future here even more in doubt beyond this season.
http://www.nashvillepost.com/news/2008/10/3/preds_owners_say_team_has_defaulted_on_loan
Preds' owners are having to reveal the actual financial plight of the franchise because of the bankruptcy filing by one of its principles. And now, the Canadian businessman who lost out on moving the Preds north of the border now is looming as the purchaser of a big share in the Nashville team.
And since the current owners not in bankruptcy have defaulted on a $40 million loan, the Canadian businessman may be the only person financial credibile for the NHL to look toward for relief.
The Preds must have 14,000 average game attendance to make a necessary profit. Last season, it averaged this season.
You've got to wonder why Mayor Karl Dean was negotiating with these principles in the first place. And then he gave them a wealth of taxpayer freebies. Dean's lack of due diligence in investigating the people he was dealing with seems to be a gigantic failure of leadership.
Again, if you're a Preds' fan, go see the team this season. It increasingly looks like its last season in Nashville.
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