An announcement of a deal between the local investors group trying to buy the Nashville Predators and Metro is expected at 3 p.m. today at the Sommet Center but only if the “term sheet” is signed by noon or 1 p.m.
The term sheet represents the best and final offer Mayor Karl Dean presented last Friday. Sources said Dean still doesn’t have the signed term sheet.
But it appears the local group has checked off on all of the big points of Dean’s offer. However, the details related to legal language in the deal are still being worked out. The deal would ensure the team stays in Nashville from anywhere from three to five years.
The local investors group got passed the stumbling block on capping growth in sales tax, seat surcharges and other revenue the team would get from the arena.
Dean offered to split the growth in revenues after 2006 equally but cap the number for the Predators at $2 million. The city’s bond counsel had sought that cap to ensure that Metro has no trouble issuing bonds on future work related to the arena.
Sources said if the team and the arena are doing well in three years, the cap could be addressed.