The Tennessean is reporting that the Nashville Predators and Nashville mayor David Briley have agreed to a Bridgestone Arena lease extension, with details likely to emerge next week.
The Predators are currently playing at downtown Nashville’s Bridgestone Arena under a lease that runs until 2028, but the club has shown prior interest in securing a long-term extension that could include major renovations. It appears that the organization is closer to securing a lease extension, as the Predators have reportedly reached an agreement with Briley’s administration.
As noted, details on the agreement are not expected to be released until next week, so some key points–including the date of when the 30-year extension would take effect–remain unknown. However, it is expected that the deal will eliminate annual operating subsidies from Nashville Metro government’s general fund. More from The Tennessean:
The Predators currently receive about $8.4 million annually in incentives and subsidies to run the arena efficiently and book as many non-hockey events as possible. The team will continue to receive incentives to bring in concerts, but the operating subsidy that Metro pays out of its general fund will be eliminated once the deal takes effect, sources told The Tennessean.
The Predators will also continue to receive funds from ticket surcharges to pay for capital projects at Bridgestone Arena.
Details of the agreement are expected to be unveiled next week. The Predators and Briley’s office did not immediately respond to requests for comment.
Both the Predators and Bridgestone Arena are playing a significant role in downtown Nashville’s booming entertainment scene, and the organization has been diligent in making annual upgrades to the facility. In theory, a longer lease commitment could lead to major renovations, but the exact scope of what the Predators and Nashville officials could pursue remains to be seen.