Leipold takes over, tips cap to Naegele

Now officially the owner of the Wild, Craig Leipold has a native Minnesotan as a general partner and stressed keeping Doug Risebrough as GM.

By KENT YOUNGBLOOD, Star Tribune

Last update: April 10, 2008 - 11:44 PM

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Craig Leipold, introduced as the Wild's new owner on Thursday in St. Paul, said he feels like a little-used quarterback replacing a legend, like Aaron Rodgers stepping in for Brett Favre in Green Bay.

"I feel a little bit like Aaron right now," Leipold said. "Bob [Naegele] is going to be a real hard act to follow."

Leipold, the former Nashville Predators owner, now is the majority owner of the team he purchased from the Wild's first and only owner, Naegele. The deal, first announced in early January, was approved by the NHL's Board of Governors, the team announced Thursday.

Minutes after the deal was finalized, and moments before jumping on a plane back home to Racine, Wis., Leipold talked about the ownership change. The purchase price is roughly $260 million.

He said he expects to be active in the community but will leave the hockey decisions to his front-office staff. He wants to promote the team and keep it on the path Naegele -- who will stay on as a minority partner -- put it on.

"This organization is well-prepared and well-positioned for the future," Leipold said. "And I really do believe in the saying -- and I've said this before -- if it ain't broke don't fix it. This is not a broken franchise."

One thing has changed in the deal since the Jan. 10 announcement: The new ownership group includes Philip Falcone as a general partner.

Falcone, 46, a native of Chisholm, Minn., who played college hockey at Harvard, is the senior managing director of the Harbinger Capital Partners investment team in New York. Leipold, who owns 51 percent of the team, would not say how much of a stake Falcone owns, but it is believed to be about 40 percent.

Leipold said many of the current minority partners would be staying on; a complete list will be announced within seven to 10 days.

There have been reports that Falcone would have the option to become the majority owner in five years. Leipold said there was no such agreement.

"As a partner, he's 10 years younger than I am," Leipold said. "And I'm 10 years younger than [Naegele] is. It's an interesting little transition that could happen someday. I'm not getting into this franchise right now with the anticipation of selling it within five or six years. It wouldn't surprise me if, at some point in his lifetime, he'd be interested in being the majority owner."

But for now, Leipold is eager to get to know the Wild and all of the day-to-day operations of Minnesota Sports & Entertainment, the parent company of the team. "I'm just thrilled," he said. "This is a dream, to be a part of a hockey program like this in a market like this."

Leipold said he's intent on keeping the team's hockey operations department intact, especially Wild President and General Manager Doug Risebrough, who has been mentioned as a candidate for the vacant GM position in Toronto.

"It's very important to keep Risebrough in his position," Leipold said. "Doug's a winner, and I really like Doug. I've always respected Doug. So I can tell you, [it is a] high, high, high priority keeping him here."

Leipold -- who has run businesses in telemarketing, protective clothing and footwear and is an executive in the family business of his wife, Helen, S.C. Johnson & Son Inc. -- is known as a passionate owner. Even though he lived in Wisconsin, he attended and walked the concourses at most Predators home games and many road games.

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