Thursday, June 5, 2008
Sports Authority to review legal options on Preds investor
Brad Schrade • Staff Writer (Tennnessean) • June 5, 2008 Metro Sports Authority will explore what legal course, if any, to take in the wake of a series of lawsuits against Predators minority owner William “Boots” Del Biaggio III, who is also facing a federal investigation. Authority Chairman Kevin Lavender called a special meeting for next week to discuss possible legal action to take in light of multiple lawsuits and a federal probe. A portion of the meeting may be conducted behind closed doors because the public body will be exploring its legal options, Lavender said. “This obviously causes concern for all of us,” Lavender said today. “We’re going to have a special called board meeting next Friday. We’ve got to determine is there a breach. There probably is. What are the ramifications for that and what are the cures?”Del Biaggio, a San Jose investor, was a key figure in a group of mostly-local investors that purchased the team for $193 million from Craig Leipold in December. Del Biaggio, who owns about 27% of the team, and the other investors made personal guarantees to Metro designed to protect the city if the team defaults on its obligations under the lease at the Sommet Center. Over the past week a series of lawsuits have been filed in Northern California claiming Del Biaggio misled lenders around the time the deal for the Predators was going down.