Haslam to buy cash cow Nashville Predators

Article posted by Coliseum, June 23^rd, 2022

Image: Bridgestone Arena

Former Tennessee (US) Governor Bill Haslam will become the new owner of the National Hockey League’s (NHL’s) Nashville Predators “through a multiphased purchase transaction”, the team announced recently.

The ‘ESPN’ stated that Haslam, whose brother, Jimmy, co-owns the National Football League’s (NFL’s) Cleveland Browns with his wife, Dee, has agreed to a deal with the franchise’s current ownership group, which is led by Herbert Fritch and includes at least 17 others.

The Nashville Predators are a professional ice hockey team based in Nashville, Tennessee (US). They compete in the National Hockey League (NHL) as a member of the Central Division in the Western Conference, and have played their home games at the Bridgestone Arena since 1998.

The 19,891-capacity Bridgestone Arena is a multipurpose venue in downtown Nashville, Tennessee, United States. Completed in 1996, it is the home of the Nashville Predators of the National Hockey League (NHL).

The Predators said recently that Haslam will become a minority owner of the team in the next few months and will become the majority owner within “the next few years”.

Said Sean Henry, President and Chief Executive Officer (CEO) of the Predators, in a statement, “From the time our ownership group, made up of Day One season ticket holders, gathered together in 2007 to purchase and guarantee the franchise’s future in Nashville, the goal has been to ensure that stewardship of the team is in strong local hands. The pending addition of Governor Haslam to the ownership group solidifies that local stewardship for years to come, with the shared philosophy for making ‘SMASHVILLE’ the most unique sports market in our league and country as our players and coaches compete for the Stanley Cup each season. We are excited and appreciative that he has agreed to join the ownership team.”

The Stanley Cup is the championship trophy awarded annually to the National Hockey League (NHL) playoff champion.

According to an NHL source, Haslam will gradually purchase shares from Fritch over the next three years to become the group’s lead owner. There are no current plans for minority owners to sell shares to Haslam.

The ‘ESPN’ further stated that talks between Haslam and Fritch began several months ago. Haslam, a Republican, served as Governor of Tennessee from 2011 to 2019.

According to Forbes, Haslam is worth $2.3 billion, while the Predators are valued at $600 million. One alluring aspect of the franchise: The team operates Bridgestone Arena and shares in the revenues generated by other events. The digital content company Sportico reports that Bridgestone was the sixth-highest-grossing arena in the United States in 2019.

The Predators’ fan base has expanded in the past decade as the team has found greater success on the ice. Nashville played to 95.4 percent capacity at home this season, second only to their peer team – the Vegas Golden Knights. Their ‘Smashville’ marketing hook has created a generation of new fans, while the team has attempted to position itself as a regional Southern franchise, marketing to places like Alabama to cultivate new supporters.

Nashville entered the league in 1998 under founding owner Craig Leipold. He sold the team to a consortium of owners in 2007.

Continue to follow Coliseum for latest updates on venues business news. Coliseum is dedicated towards building the best global community of sports and entertainment venue executives and professionals creating better and more profitable venues.

Become a member of the only Global Sports Venue Alliance and connect with stadiums, arenas and experts from around the world. Apply for membership at www.coliseum-online.com/alliance and make use of the 365Coliseum Business.

Watch 500+ member-exclusive videos with valuable tips for your venue