NASHVILLE, Tenn. (AP) -The new owners of the Nashville Predators are close to final approval on a revised lease agreement for their arena that has Nashville taxpayers helping subsidize the team.
The Metro Sports Authority approved the new lease by a vote of 7-1 Tuesday, and the Metro Council is expected to vote on the lease April 1 with only a simple majority needed for approval.
The agreement has Nashville paying the team $3.8 million each year, even when the Predators don't lose that much money. If the Sommet Center's losses are less than $3.8 million, the other money could be spent on the arena itself.
David Freeman, the lead owner, said the owners plan to spend at least that much to help bring in events like the NCAA women's Final Four. Freeman said the arena should host 150 days' of events in the fiscal year ending in June, up 30 days from the previous fiscal year.
``We're not worried about taking risks anymore,'' said Freeman, CEO of 36 Venture Capital. ``We're going to take some risks.''
Steve North, who voted against the agreement, said he thinks the new lease might leave Nashville paying more than expected.
``Anytime you have a complex agreement, there are always unintended consequences,'' North said.
Attorney Larry Thrailkill, who represented the city of Nashville in the negotiations, said Nashville likely will pay about $4.5 million this year to the team for incentive fees and other changes that include reducing rent and a bigger cut of advertising revenue for the Predators.
The new owners took over the team earlier this season.
Advertisement

Top NHL Public Bets

NHL Top Stories

Thumbnail Montreal surprisingly mediocre on road Home ice has been very good to the Blues so far this season. But will the NHL’s top team put an end to the fun shortly?
Thumbnail Panthers vs. Bruins Prediction The Panthers have been a horrible bet against the Bruins but will they pull off the upset tonight at 7:00PM ET in Boston?
Thumbnail Detroit hopes to hold off surging Pittsburgh So far this season, nothing has been easy for the Red Wings. Add tonight’s matchup against the explosive Penguins to the list.
Thumbnail Caps trying to regain footing out East   Washington didn’t exactly end the month of November on a stirring note. But can the reigning Presidents’ Trophy winner return to form against the Islanders?
Thumbnail Luongo attempts to give Florida a jolt A new era of Panthers hockey begins tonight. But can the Blackhawks stand tall and deliver yet another stellar performance at the...
Advertisement

NHL Team Pages