Kukla's Korner Hockey
by Paul on 12/01/09 at 09:33 AM ET
from David Shoalts of the Globe and Mail,
David Freeman, the chairman and governor of the Nashville Predators, has a $3.35-million (all currency U.S.) tax lien on his house and admits to cash-flow problems but both he and the NHL claim there are no concerns about the financial health of his hockey team.
However, since the Predators owners have to maintain a guarantee of up to $50-million with the city of Nashville that is based on their net worth along with other obligations, the lien raises a number of red flags.
There is also the security that has to be maintained with the team’s major lender, CIT Group, which is owed at least $85-million. CIT is in the middle of bankruptcy reorganization, which further complicates matters. Another problem is a drop in attendance this season, which could lower the amount the Predators earn from the NHL’s revenue-sharing plan.
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Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.
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