The Nashville Predators have gotten a temporary extension on the team’s lease with Metro Government. Both sides want more time to renegotiate terms regarding use and operation of Bridgestone Arena.
The Nashville Sports Authority granted the 120-day extension. Without action before the end of the year, terms would have automatically renewed.
Metro finance director Rich Riebeling says he will spend part of the next three months trying to improve the terms. He says the city is in a better position than it was four years ago as the team was being sold with the option to move.
“The team has had better success. The attendance is up, more events. All parties are in a better position. So now we can just look at the long term future.”
Right now the Predators don’t so much lease Bridgestone Arena as they are paid $7.8 million to run the facility. Riebeling says he wants to reduce the payment from Metro Government. Predators officials have floated the idea of a ticket tax, similar to one added by the Titans.
Tuesday the Sports Authority also approved borrowing $28 million to upgrade LP Field, which the city built in 1998. As part of the Titans’ lease, Metro Government is required to keep the place looking like other NFL stadiums.
Titans vice president Don MacLachlan says that means a new sound system, new seats, elevators and an entirely new scoreboard system, including skinny ones – called ribbon boards – that wrap around the field.
“Only one comparable facility does not have LED ribbon boards. In fact when we were in Buffalo this weekend, one that does not compare with us – built in 1973 – but they do have LED ribbon boards.”
Money to pay off the bonds will come partly from the new ticket tax at LP Field. A few Sports Authority members voiced concerns about borrowing money over two decades to finance technology upgrades that might not last that long. Metro finance director Rich Riebeling told them – quote – “we can’t live in a world of ‘what ifs.’”
The Metro Council has the final say on paying for improvements to LP Field at its meeting Tuesday night.
For full disclosure, Rich Riebeling is a member of the WPLN board of directors.
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