Former Tennessee Gov. Bill Haslam will become the new owner of the NHL’s Nashville Predators “over a period of years,” an NHL source told ESPN on Friday.
Sportico reported Thursday that Haslam, whose brother Jimmy owns the NFL’s Cleveland Browns, is nearing a deal to buy the Predators. The franchise’s current ownership group is led by Herbert Fritch, but includes no fewer than 17 others.
NHL Assistant Commissioner Bill Daly said the sale was “discussed generally, but not specifically,” at Thursday’s Board of Governors meeting in New York. The league would have the final say on a potential sale.
The Predators are expected to announce more details as early as Friday afternoon.
Haslam isn’t taking over the team anytime soon, according to an NHL source. Instead, he will gradually buy shares in Fritch over the next three years to become the group’s majority owner. There are currently no plans for minority shareholders to sell shares in Haslam.
Talks between Haslam and Fritch began a few months ago. Republican Haslam served as governor of Tennessee from 2011 to 2019.
According to Forbes, Haslam is valued at $2.3 billion while the Predators are valued at $600 million. An enticing aspect of the franchise: the team runs the Bridgestone Arena and shares in the revenue from other events. Sportico reports that Bridgestone was the 6th highest grossing arena in the US in 2019.
The Predators’ fan base has grown over the past decade as the team has grown in popularity on the ice. Nashville has been 95.4% busy at home this season, bested only by the Vegas Golden Knights. Their “Smashville” marketing hook has spawned a generation of new fans, while the team has attempted to position itself as a regional franchise in the South and market in places like Alabama to attract new supporters.
Nashville joined the league in 1998 under founding owner Craig Leipold. In 2007 he sold the team to a consortium of different owners.