NASHVILLE, Aug. 15 (UPI) -- A group of local investors in Tennessee is poised to buy the NHL's Nashville Predators for $20 million.
Team owner Craig Leipold Wednesday signed a letter of intent to sell the team. The new ownership group plans to keep the team in Nashville, something other potential buyers were not willing to do.
"I am thrilled that David Freeman and his local group have joined up with Boots Del Biaggio and come together to purchase the Predators," Leipold said in a statement on the Predators' Web site. "My hope is that their commitment to Nashville will be reciprocated in the form of business and individual support on an ongoing basis."
"The letter of intent is a big step toward making it happen. Nashville is now firmly in the driver’s seat to keep this franchise,” said Freeman, chief executive officer of Venture Capital LLC.
Leipold has lost $70 million since he bought the club in June 1997.
