Could the NHL take over the Devils?

[dash]

Hockey is getting ready to freeze out New Jersey Devils owner Jeff Vanderbeek. NHL Commissioner Gary Bettman is preparing to take control of the money-losing hockey franchise in the event Vanderbeek fails to refinance the Devils’ debt before a looming Aug. 14 deadline, The Post has learned.

In recent days, the commissioner’s office has told potential suitors to be ready in case he moves on the team and pushes Vanderbeek aside, a source close to the situation said.

Vanderbeek is near a deal to sell a majority stake to a mystery investor, which would allow him to keep control of the Eastern Conference champions, one source said. The proceeds from a sale would be used to repay lenders much of the $77 million in past due debt. But while Bettman has said publicly that he expects the Devils’ financial situation to be resolved soon, his behind-the-scenes moves suggest he’s far from confident that a deal will get done.

EXCLUSIVE: NHL plans to take Devils from Vanderbeek - NYPOST.com

 

[Destroydacre]

Start the Devils to Seattle or Quebec City rumors.

 

[DChero]

Start the Devils to Seattle or Quebec City rumors.

I say that we try the Atlanta thing again. Third time's a charm, right?

Atlanta, GA - Supplying hockey teams for Canadian cities since 1980

 

[elocomotive]

I say that we try the Atlanta thing again. Third time's a charm, right?

Atlanta, GA - Supplying hockey teams for Canadian cities since 1980

And people say our country has trade balance issues. Please!

 

[elocomotive]

Hockey is getting ready to freeze out New Jersey Devils owner Jeff Vanderbeek.

Gonna be tough to freeze out a hockey team... they are pretty used to being around ice.

 

[dash]

Reading more info on some other sites, the main issue is the massive debt that the current owners took on in constructing the Prudential Center. According to Forbes, the Devils are 11th in the league from a revenue perspective, but obviously the debt they have accumulated in a tough economy is making things difficult.

 

[jstewismybastardson]

Reading more info on some other sites, the main issue is the massive debt that the current owners took on in constructing the Prudential Center. According to Forbes, the Devils are 11th in the league from a revenue perspective, but obviously the debt they have accumulated in a tough economy is making things difficult.

yup

http://www.sportshoopla.com/forums/...orbes-franchise-value-article.html#post415694

 

[MadCaptain]

NY POST

LOL

 

[dash]

NY POST

LOL

Yeah, not the greatest source I realize...

 

[pixburgher66]

That certainly makes the Parise signing a bit more daunting.

 

[TheRobotDevil]

Yeah, not the greatest source I realize...

Not seeing any new news from the devils front.But as you know they are also a secretive bunch.I do know they have stated they have made over 30 million during their run and am hoping that helps.Other than that the only news has been a tweet from Landeskog about attending a festival with JJ.To be honest at the moment I believe their main focus is Parise so it may be a while before they address the issue but I will post a link if anything comes up .

 

[esls79]

Even though it's the Post, this article is credible to me. If the debt isn't refinanced, and I doubt it will be paid off, then if you let it go it becomes defaulted - you cannot have owners that fianace operations this way.

In English soccer, you do something like this, you go into administration and lose points.

 

[TheRobotDevil]

That certainly makes the Parise signing a bit more daunting.

Only article regarding finances is Lou land saying it will not effect Parise that was some time last week I believe .It was shortly after the one about Parise saying there is no way he'll sign with the rangers

http://blogs.northjersey.com/blogs/...s_financial_problems_havent_impacted_his_job/

 

[dash]

Only article regarding finances is Lou land saying it will not effect Parise that was some time last week I believe .It was shortly after the one about Parise saying there is no way he'll sign with the rangers

I fully support Zach in this decision...

 

[TheRobotDevil]

I fully support Zach in this decision...

Was a great read dash NY media blew it out of proportion big time.If you read the whole thing its a great example of the class and loyalty zach has.He also fields several questions gotta love his character.I believe I posted the link in the signings thread

 

[elocomotive]

These must be exciting times in Seattle. They may now get two hockey franchises and a pro basketball team. All they would need then is a professional baseball team.

 

[dash]

These must be exciting times in Seattle. They may now get two hockey franchises and a pro basketball team. All they would need then is a professional baseball team.

What you did there, I see it...

/rep

//must spread

 

[TheRobotDevil]

These must be exciting times in Seattle. They may now get two hockey franchises and a pro basketball team. All they would need then is a professional baseball team.

 

[dash]

I was working in Seattle during that 116 win Mariners season (just down the street from Safeco Field as a matter of fact) and it was a fun time to be there.

 

[jstewismybastardson]

Even though it's the Post, this article is credible to me. If the debt isn't refinanced, and I doubt it will be paid off, then if you let it go it becomes defaulted - you cannot have owners that fianace operations this way.

100 times THIS

who cares if it came from the new york post ... doesnt change the fact the Devils are completely leveraged and have been for a few years now ... it was only just a matter of time before the interest payments caught up with them