Preds investor Del Biaggio owes $88.4 million to creditors, bankruptcy filing shows

By BRAD SCHRADE • Staff Writer (Tennessean) • June 24, 2008 Nashville Predators investor William J. "Boots" Del Biaggio III owes creditors almost $35 million more than he owns, and he lists his $23.5 million stake in the team as his biggest asset, according to federal bankruptcy papers filed Monday. Del Biaggio owes $88.43 million to creditors, including $10 million to former Preds owners Craig Leipold, according to a summary of his assets and liabilities filed in federal court in Northern California. He lists $53.9 million in assets, including $12.1 million in real property - all in California, as part of his assets. Del Biaggio owns a 27% stake in the Predators, the second highest stake in the team. His financial implosion over the past month has clouded the off-season of Nashville's hockey club. Del Biaggio is facing a bankruptcy, a federal probe and a series of lawsuits claiming he defrauded creditors The team is owned by a majority group of local investors led by David Freeman. Freeman has said Del Biaggio's problems will not impact the team operations. A initial meeting with creditors is scheduled before a bankruptcy trustee next month. That will begin the process of dividing Del Biaggio's assets, including his stake in the team.

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.