Craig Leipold, Shady Dealings, and the sale of the Nashville Predators

New Minnesota Wild owner Craig Leipold has found himself in a bit of hot water with the league and potentially the law. The reports indicate that he offered large loans to both the Nashville Predators and their new majority owner William Del Biaggio to secure the sale of the Predators and open the door for his purchase of the Wild. The Star Tribune is reporting that Del Biaggio filed for bankruptcy in June, shortly after his purchase of 27% of the Predators. He is now under federal investigation claiming that he defrauded lenders. Leipold and entertainment conglomerate AEG (which owns the Los Angeles Kings).

The AP is reporting that AEG lent Del Biaggio $7 million and Leipold lent him another $10 million, and also lent $10 million to the Predators at large. NHL commissioner Gary Bettman is claiming that the NHL had no knowledge of Del Biaggio’s financial troubles or of the large loans he procured from Leipold and AEG.

Currently AEG is taking legal action against Del Biaggio, and Leipold has declined to comment outside of an official statement from the Wild saying that Leipold is disappointed in the manner in which Del Biaggio has conducted his business. Nothing has been confirmed as far as legal action being taken by Leipold, but his evasive statement through the organization alludes that he is exploring his legal possibilities in accordance with federal bankruptcy laws.

~ by minnesotawildtimes on July 31, 2008.