NHL approves sale of Nashville Predators to local group

LOS ANGELES (Reuters) - The NHL Board of Governors has approved the sale of the Nashville Predators to a group of local businessmen, the league said in a statement.

The NHL made the announcement at the board's annual meeting in Pebble Beach on Thursday and brought to an end a tug-of-war over the franchise.

Craig Leipold had been anxious to offload the club, saying he had lost $70 million in the 10 years he owned the team.

The sale, to a group of local investors headed by businessman David Freeman, is expected to be completed in the next couple of weeks.

Billionaire Jim Balsillie had made several efforts to purchase the team but the NHL balked at the deal when the Canadian hinted at moving the club to southern Ontario and started taking deposits for season-ticket packages in Hamilton.

(Writing by Steve Keating, editing by Miles Evans)