Preds part-owner suing team for $250 million
NASHVILLE, Tenn. (AP) A part--owner of the Nashville Predators is suing the team and its chairman, saying they breached their fiduciary obligations and contractual commitments to him after he helped keep the franchise in Nashville
The lawsuit filed Thursday by David Freeman and Commodore Trust lists Predators Holdings LLC and Predators chairman Tom Cigarran as defendants. The plaintiffs say they’re seeking $250 million in damages.
The Tennessean first reported the lawsuit.
The complaint says Freeman “led the fight” to keep the Predators in Nashville by organizing the Holdings investment group in 2007. It says certain members of that group “have conspired to repay his dedication to the team and community by claiming that Commodore owns less than one percent of Holdings, by refusing to treat it as an owner and by repudiating Holdings’ commitment to compensate plaintiffs in return for tens of millions of dollars of loan guarantees that kept the Predators solvent and in Nashville.”
The complaint names Cigarran “the chief architect of this scheme.”
The Predators issued a statement calling the suit a “meritless and inappropriate court filing.”
“The club will use all appropriate means to vigorously defend its position,” the team said in its statement. “The club believes this issue should be resolved by the NHL as mandated by the NHL Constitution, to which all owners, including Freeman, are bound.
“The franchise is healthier than ever and this frivolous suit has no impact or bearing on our organizational operations.”