Mayor David Briley Thursday announced a new agreement structure with the Nashville Predators that will keep the team in Bridgestone Arena for decades and will eliminate much of the financial risk for Metro and taxpayers.
The new agreements will consist of a lease between the Metro Sports Authority and Powers Management (the company that operates Bridgestone Arena) and a separate tenancy agreement between the Sports Authority and the Predators.
The agreements will run July 1, 2019 through June 30, 2049, subject to approval by the Sports Authority.
The agreement relieves Metro of any general fund obligations and shifts all operating costs and long-term capital obligations to the team. The city will retain ownership of the Arena, while Powers Management will assume financial responsibility for improvements from certain taxes and fees paid by attendees at the facility.
Any future improvements to the Arena will also continue to be subject to approval by the Sports Authority.
“This is a great deal for the city and shows that we’re as committed to the Predators as they are to us,” said Mayor Briley. “The agreement relieves the city and the taxpayers of financial burden, while allowing for any renovations to Bridgestone Arena so that it can remain one of the country’s premier sports and entertainment venues. The Predators are an integral part of our community, so I’m proud to say that they will be calling Smashville home for years to come.”
The 30-year lease strengthens the special relationship between the city of Nashville, the Predator’s local franchise owners who care deeply about the community, and the NHL’s best fan base.
“We are most appreciative of Mayor Briley, the Sports Authority and Metro’s support and partnership,” Predators CEO and President Sean Henry said. “The rise of our franchise and arena growth since the last agreement in 2012 are testaments to a model of public-private partnership and a community-wide embrace and passion for the Predators. This partnership will allow us to book the best of the best events that appeal to all corners of our community, allow the Nashville Predators to thrive in SMASHVILLE and allow Powers Management to maintain the building in a world-class way while freeing Metro’s operating and capital budgets of any and all financial obligations.”