|Leipold extends exclusive negotiating rights to local group|
|Written by Admin|
|Wednesday, 31 October 2007 12:25|
The local investors put down $10 million as a deposit in August for the $193 million purchase and faced a midnight deadline Wednesday to finalize the sale or lose exclusive negotiating rights.
They have been working with Metro Nashville officials to revise the team's arena lease to give them a better chance of making rather than losing money. Leipold is selling because he estimated he has lost $70 million in his 10 years of ownership.
Leipold said in a statement released by the team late Wednesday afternoon that he had met with Mayor Karl Dean for an update on where the city is in the lease negotiations with the group led by David Freeman. Leipold also met with Freeman for an update on the group's progress toward finalizing this deal.
Leipold didn't say how much more time he is giving them to finish the deal but said he looks forward to completing the sale.