Canadian billionaire Jim Balsillie, founder and owner of Research In Motion, creators of the BlackBerry device, will be the next owner of the Nashville Predators. The current owner Craig Leipold signed a letter of intent to sell the team ten years after its inaugural season. This comes only a few weeks removed from a new naming rights deal for the former Nashville Arena to the Sommet Group.
The Sommet Center deal (pronounced SO-may) was heralded by many to be a sign of a good fortune for the team to stay in Nashville. Today's official announcement erased any optimism, replacing it with even further uncertainty about the franchise's future in the Music City.
Craig Leipold ate, slept and breathed Predators hockey. Even as he lost an estimated $27 million over the last two seasons, he held on for longer than anyone who knows basic arithmetic likely would have. Balsillie, in contrast, was shopping for any team he could get his hands on, his last offer for the the Pittsburgh Penguins falling through after the NHL Board of Governors wanted a concession to not move the team if he were to purchase it. Those terms were not satisfactory, and Pittsburgh eventually worked out a deal to keep the team in town without seeking new ownership.
Forgive my skepticism as a fan. We've replaced a guy willing to take it on the chin for a competitively elite but financially lousy team with one that will not tolerate that much red ink. I have to wonder if he has the finesse to deal with an increasingly frustrated (and cash strapped) city government before throwing in the towel and shopping for arenas in Ontario.
The 2006-07 season that wrapped up for the Predators more than a month ago was their last shot at avoiding the gathering storm on Broadway. The future of the franchise in Nashville will hinge on whether or not Balsillie can drum up local corporate support and keep the seats filled. I doubt he will hesitate to pull the trigger on a deal to keep the the team here in town. I also doubt that he will pass up the opportunity to bail if his strategy shows any signs of weakness.
The 2007-08 campaign will likely be the last shot for general manager David Poile and head coach Barry Trotz as well. Balsillie has no history with these guys, and is not likely to accept an early exit or failing to make the playoffs. If the situation could get any hotter, they would not have ice to play on.
Opening day is five months away.