'Forbes': Preds are NHL's 25th most valuable [1]
Forbes' annual list of the value of NHL franchises [2] is out. The Nashville Predators' total value is $163 million [3], according to the magazine, good for 25th in the league but down $11 million from the purchase price paid by the current ownership in 2007. The team's revenue was $82 million last season, 23rd in the league. From the magazine:
The Predators are losing money and trying to find investors to pump in about $25 million to shore up the team's finances. In early 2011 the team secured a $75 million credit facility led by Regions Bank to replace the $75 million loan from CIT Group used to finance the purchase of the team. The team has plans to renovate 15-year old Bridgestone Arena by adding a Fan Zone on the upper concourse and upgrading 72 suites. The Predators have a lot of debt and have been in the bottom-third of the league in attendance for six consecutive seasons.
The $7.5 million annual operating loss is the second-largest for the team since the lockout and, coincidentally or not, is identical to the arbitration-awarded salary of superstar Shea Weber.
The good news is Forbes says the Predators are worth 10 percent more than they were last year. Twelve NHL teams showed a profit last year — noteworthy with the league's collective bargaining agreement expiring next summer.