Canadian businessman Jim Balsillie has entered into an agreement to buy the Nashville Predators hockey club from Craig Leipold. Full details will be given at a formal press conference later today held at the Sommet Center in Nashville.

Imagine this scenario. Someone approaches you out of the blue and offers $220,000,000 for a product you spent $55,000,000 on less than 10 years ago. The city of Nashville contributed $25 million of the $80 million expansion franchise fee in 1997, meaning Leipold spent only $55 million. Leipold is looking to quadruple his initial investment after years of crying poverty and yearly losses. Honestly, how can Leipold refuse this offer?

The Nashville Predators' ownership has until June 22nd to notify Nashville Metro if the "escape clause" will be enabled for next summer. This clause gives the city the option to buy enough tickets during the 2007-08 season to keep the average paid attendance above 14,000. On more than one occasion, numerous city officials have made it public knowledge that they would not be "bullied" into buying tickets.

So, no support from the city and very lackluster support from the corporate base leave only one alternative: more fans must attend games next season or else! The new owner will have the "option" of paying an $18 million escape fee to Nashville Metro (who will be more than happy to accept) and relocate the team in the summer of 2008.

While this may be underhanded and very unpopular, one cannot fault a businessman for wanting to make a buck. But hockey fans of the area should feel numb. Knowing of the relocation potential, casual fans will stay home and save their money, which in turn will lower attendance, making the situation a Catch-22.

Craig Leipold is selling the Predators for nearly twice the amount of money Forbes appraised the franchise to be worth ($134 million). For years, Leipold has delivered a polished, well rehearsed act of trying to keep the Predators in Nashville for the long term. In fact, the Sommet Group will probably feel slighted for the multi-year naming rights deal driven by the crafty Leipold.

Will the new Balsillie ownership do the minimum necessary to keep the franchise afloat in 2007-08 only to attempt relocation next summer? Or will Balsillie protect his investment and try to do the right thing by keeping the team in Nashville while creating a new buzz around town and landing better corporate support?

This could be a positive transaction for the franchise as the current ownership and marketing of the Predators have burnt many bridges in the corporate community. Here’s hoping that Jim Balsillie will heal the franchise by building success in Nashville instead of stealing the franchise for his private relocation hobby.

Commissioner Gary Bettman and the rest of the NHL ownership group were adamant last year about not allowing Balsillie to relocate the Pittsburgh Penguins in his ownership bid. Will the owners' hands be tied this time? It is truly a sad day to be a hockey fan in Tennessee.