Chairman Tom Cigarran announced Thursday the Predators ownership group has completed the purchase of the franchise ownership shares previously held by Forecheck Investments LLC.
The transaction has been approved by all the necessary parties, including the NHL and the Metro Nashville Sports Authority. As a result of the transaction, the local ownership group now owns more than 95 percent of the franchise ownership shares.
"This is a significant step for the Predators franchise on several levels," Cigarran said in a statement. "First and foremost, it strengthens our franchise's financial position and eliminates a significant future liability. In doing so, it closes the book on a distraction and allows the Predators and fans to move forward, focusing on what matters most -- putting the best possible team on the ice and creating the best possible in-arena atmosphere and entertainment experience. Also, while the franchise was initially known as Nashville's team because it was created here in Music City, this transaction reinforces that theme as more than 95 percent of the ownership shares are now held by local residents."
Most of the shares in Forecheck Investments were held by William "Boots" Del Biaggio.
Completion of the buyout is the latest in a series of off-ice moves for the Predators, which include an expanded TV contract that will see 60 games televised by Fox Sports Tennessee this season, and the hiring of Jeff Cogen as CEO of the team and Bridgestone Arena.