Craig Leipold has signed a letter of intent to sell the Predators to a local group of investors trying to keep the team from leaving town.
The eight partners are all locals except for William (Boots) Del Biaggio, a Californian who had earlier tried to purchase the team on his own.
The total value of the bid was not immediately announced.
It was expected to be about US$180 million - much less than the $220 million offered by Canadian billioinaire Jim Balsillie in May.