NHL gets rid of Coyotes, picks up Devils?

[dash]

The New Jersey Devils are likely to be taken over by the National Hockey League around the time the season begins next month when teams begin cutting payroll checks unless a buyer for the team quickly steps up, according to multiple sources. Neither the NHL or the Devils would comment on the situation.

The Devils have $230 million of debt and team owner Jeff Vanderbeek missed the first payment on a recently restructured bank loan. The team’s annual debt payment is around $15 million a year and in the past the Devils have already used prepayments of future revenue streams to pay bills. Andrew Barroway was poised to buy the hockey team and operating rights to the Prudential Center, but withdrew his offer within the past two weeks after getting a closer look at the team’s books.

Eric Macramalla ‏@EricOnSportsLaw 20m Forbes: NHL to take over Devils; $230M in debt and team owner Jeff Vanderbeek missed the first payment on a recently restructured bank loan

 

[forty_three]

The New Jersey Devils are likely to be taken over by the National Hockey League around the time the season begins next month when teams begin cutting payroll checks unless a buyer for the team quickly steps up, according to multiple sources. Neither the NHL or the Devils would comment on the situation.

The Devils have $230 million of debt and team owner Jeff Vanderbeek missed the first payment on a recently restructured bank loan. The team’s annual debt payment is around $15 million a year and in the past the Devils have already used prepayments of future revenue streams to pay bills. Andrew Barroway was poised to buy the hockey team and operating rights to the Prudential Center, but withdrew his offer within the past two weeks after getting a closer look at the team’s books.

Eric Macramalla ‏@EricOnSportsLaw 20m Forbes: NHL to take over Devils; $230M in debt and team owner Jeff Vanderbeek missed the first payment on a recently restructured bank loan

And will move them mere milliseconds after a fresh sheet of ice is put down in Vegas.

 

[jstewismybastardson]

jeez ... who knew being so heavily leveraged could be a bad thing???

 

[TiLoBrown]

And will move them mere milliseconds after a fresh sheet of ice is put down in Vegas.

Its funny because its true

 

[jstewismybastardson]

yeesh!

Non-NHL events are down at the Prudential Prudential Center, also hurting Vanderbeek’s financial situation. One reason: arena operators prepay a portion of the money they are going to pay acts, like rock bands and the circus, and sources say the Devils do not have the cash to book events. During the first quarter of 2013 the Prudential Center was not among the world’s top 50 busiest arenas. The prior year it was ranked 11th-busiest.

 

[TiLoBrown]

And here I am unable to see The Killers at the Prudential Center tonight

 

[Nasty_Magician]

Fire & Ice - Two groups in bidding for Devils, could be done ?quickly?; Report NHL plans takeover ?not accurate?

Not true apparently.

 

[dash]

Devils and their fans deserve a break after all the grief they've had to endure as of late, I hope this gets resolved quickly.

 

[dash]

Now I'm hearing that the Devils will likely be sold within the next few days...Looks like Forbes jumped the gun.

 

[UTVolCountry]

And here I am unable to see The Killers at the Prudential Center tonight

Don't you wanna come with me?? Don't you wanna feel my bones...

ok I'm done

 

[UTVolCountry]

Dash,

 

[dash]

 

[TiLoBrown]

Don't you wanna come with me?? Don't you wanna feel my bones...

ok I'm done

Only if we can be runaways

 

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One of the rumo(u)red potential suitors for the Devils is Calgary oil billionaire Bill Gallacher...

 

[elocomotive]

 

[Nasty_Magician]

Sixers owner Joshua Harris has reportedly agreed to a deal with New Jersey Devils owner Jeff Vanderbeek to purchase the team, according to a tweet from Howard Eskin of 94WIP (see tweet below).

Harris' interest in the Devils was first reported by Eskin a few days ago. The deal reportedly will cover all of the debt owed by Vanderbeek. What's not clear is whether a reported agreement on money matters actually constitutes a completed agreement to sell the team, especially because Vanderbeek and the Devils' money matters are so convoluted and tied up with other concerns.

Harris has owned the Sixers for the past two seasons along with a group of investors.

#njdevil owner jeff vanderbeek has really lost to the bank but #sixers owner josh harris will cover that money. Done deal

— Howard Eskin (@howardeskin) August 9, 2013
More details to come

 

[Winged_Wheel88]

The New Jersey Devils are likely to be taken over by the National Hockey League around the time the season begins next month when teams begin cutting payroll checks unless a buyer for the team quickly steps up, according to multiple sources. Neither the NHL or the Devils would comment on the situation.

The Devils have $230 million of debt and team owner Jeff Vanderbeek missed the first payment on a recently restructured bank loan. The team’s annual debt payment is around $15 million a year and in the past the Devils have already used prepayments of future revenue streams to pay bills. Andrew Barroway was poised to buy the hockey team and operating rights to the Prudential Center, but withdrew his offer within the past two weeks after getting a closer look at the team’s books.

Eric Macramalla ‏@EricOnSportsLaw 20m Forbes: NHL to take over Devils; $230M in debt and team owner Jeff Vanderbeek missed the first payment on a recently restructured bank loan

Were you suggesting that the NHL bought the Devils for $230 million dollars for the next 17 years?

17!

 

[DevilishWon]

Basically Forbes shit the bed on their "scoop". I trust the WSJ ...Forbes is crap

 

[DoobeeDoobeeDoo]

Makes more sense for the NHL to pick up the Devils than to pick up the Coyotes. At least the Devils have some sense of tradition, can't say the same about the Coyotes.

 

[DevilishWon]

Makes more sense for the NHL to pick up the Devils than to pick up the Coyotes. At least the Devils have some sense of tradition, can't say the same about the Coyotes.

Except it aint true.

Josh Harris, 76ers' owner, in line to be next owner of Devils | NJ.com

The Devils problem is the owner Vanderbeek saddled them with a shitload (technical financial term) of debt. ($205MM to be precise. The team is actually profitable from operations but no where near enough to cover the debt service. Phoenix doesn't even turn a profit before debt service...so any potential buyer knows the will loose $$ at least for a while