Sunday, October 21, 2007

Boy that Metro Govt can sure make the deals

Great investigative article in today's Tennessean by Sheila Wissner on the history of the Preds and how Craig Leipold will profit big time when he sells the team.


The article says that Metro taxpayers are actually the biggest investors in the project....wonder if ole Craig will send us a thank you card after he puts all that money from the sale in his pocket.

I have an idea!! Why doesn't the Metro Government concentrate on paving streets, keeping the garbage picked up and our school drop out rate and leave entertainment to the private sector.

Link

The deal gave Leipold and the Johnson family 80.1 percent of the team and Gaylord 19.9 percent. But the amount invested by each of the parties to buy the expansion team did not reflect that split, according to documents in the lawsuit.

City taxpayers actually put up the most — $20 million toward the franchise fee, plus $14.5 million for arena improvements.

The exact amount of payments Leipold made is unclear from court documents. But they show Leipold and his family contributed between $8 million and $9.6 million. For its analysis, The Tennessean assumed the highest figure.

Gaylord invested more than $12.8 million.

The final $40 million came from bank loans to be repaid by the team.