Kukla's Korner Hockey
by Paul on 07/31/08 at 09:46 AM ET
from Brad Schrade of the Tennessean,
A copy of the confidential Aug. 31, 2007, purchase agreement between Leipold and head of the local majority ownership group, David Freeman, obtained by The Tennessean, shows exactly what Leipold had to do. The document was so confidential that Metro’s attorney, Larry Thrailkill, who negotiated the city’s lease changes with the new owners, never saw it.
The document shows how far Leipold may have had to go to get out of town. It suggests that the deal to sell the team could have fallen apart if Leipold failed to keep $30 million of his own money in the team for one year or failed to find an outside investor to put the money up. If those conditions weren’t met, Freeman and his group could have gotten their $10 million deposit back, according to the document.
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