Leipold is active in numerous civic and corporate organizations as well as several charities benefiting children. He has been named Nashville Sports Council "Sports Person of the Year," "1999 Father of the Year" by the Nashville Father’s Day Council, and "Nashvillian of the Year" by the Easter Seals, following a highly successful 1998–1999 season for the Predators. He and his wife, Helen, maintain residences in Racine, Wisconsin, and Saint Paul, Minnesota, and are the parents of five boys. He sold the Nashville Predators due to rising operating costs and low fan attendance. Leipold claims more than $70 million in losses during his tenure as owner of the Predators. The final sale price of the Predators was reported as $193 Million.
On January 10, 2008 in a press conference held by the Minnesota Wild, Craig Leipold became the new owner of the team, pending approval by the City of St. Paul and the NHL. Leipold had this to say about his newest acquisition, "It is a true privilege to become part of the organization and the hockey community in Minnesota." Fans of the Minnesota Wild have already begun welcoming Leipold as the new owner via the team's message board.
Leipold made a bold move in firing General Manager Doug Risebrough on April 16th, 2009. However, the fans of the Wild were satisfied with Leipold's move.