August 16, 2012
Vanderbeek close to retaining Devils?
By QMI Agency
New Jersey Devils owner Jeff Vanderbeek is close to finalizing a deal with lenders that would allow him to keep control of the NHL team, according to the New York Post.
The newspaper, citing anonymous sources, said the deal will give Vanderbeek two more years to get the team's finances in order, either by refinancing the massive debt or selling the team.
Vanderbeek has reportedly been trying to sell a majority stake in the Devils franchise in an effort to get out from under the nearly $80 million in debt. The Devils failed to deliver the $80 million loan payment nearly a year ago.
The latest deal, according to the Post, suggests the team's debt will be combined with loans taken out against concession revenues to make up a single package of $160 million.
The financial crisis hasn't had a negative effect on the Devils hockey product though. New Jersey made it to the Stanley Cup final for the fifth time in team history last spring.