Posted August 08, 2013

Conflicting reports: NHL to take over New Jersey Devils?

NHL
Devils chairman Jeff Vanderbeek and the team are a reported $230 million in debt. (Bruce Bennett/Getty Images)

Devils chairman Jeff Vanderbeek and the team are a reported $230 million in debt. (Bruce Bennett/Getty Images)

The New Jersey Devils are $230 million in debt and if the team doesn’t find a way to fix its financial woes, it could be taken over by the NHL, Forbes.com reports.

The league quickly denied that story, saying the reports are “inaccurate.”

Andrew Barroway was ready to buy the hockey team and operating rights to the Prudential Center in Newark, N.J. but withdrew his offer within the past two weeks after getting a closer look at the team’s books. The Devils owe the NHL roughly $25 million and their payroll for the start of 2013-14 season is projected to be around $55 million.

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Team owner Jeff Vanderbeek missed the first payment on a recently restructured bank loan. The Devils’ annual debt payment is about $15 million a year and in the past the Devils have already used prepayments of future revenue streams to pay bills. From Forbes:

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.

However, according to Devils beat reporter Tom Gulitti, the league denied that the move was looming:


16 comments
mystafugee
mystafugee

In other news the NHL is talking about expanding.  

Matthew W
Matthew W

Time to contract.


Too many teams diluting the product. There's a little humor in this as the NHL has been propping up the Devils as the team to emulate through rational team building and consistency. Turns out they're just broke as ****.

eggishorn
eggishorn

I love how they report a Gary Bettman denial as if there's any weight or truth to it.  In other news, Lucifer states that multiple reports that Hell is hot are inaccurate.

CobyPreimesberger
CobyPreimesberger

this team likely will never move, as remember when they were supposed to move to tennessee and be the tuxedos and it was the same time the houston oilers moved to tennesee

FrankMacchia
FrankMacchia

What do you expect you moved the team to Newark.  Ya im gonna go there...........  STUPID MOVE.

Monmouth or Ocean county was the place to move to.

M20
M20

@eggishorn They report it because it's relevant and part of the story. They didn't say you should believe it.

DEJ1948
DEJ1948

@SchmedvigPortland, here we come.  An NHL-ready arena, a motivated, well-heeled owner, and a proven, rabid fan base.  If you can make any one of those three arguments in favor of Seattle as an NHL landing spot, let me know.

SoundersCougzBraves
SoundersCougzBraves

@DEJ1948 @Schmedvig “An NHL-ready arena...” Seriously? The Rose Garden is the biggest dump in the NBA and sure, it works well for the pee-wee Winterhawks but the 100 people in Portland who know the Winterhawks exist couldn’t careless about hockey. The NHL has already made it clear that Seattle will be the next city to get a team. They’ve already had a team that won the Stanley Cup (yes, I know it’s been 96 years) and the city is crazy about hockey. 

DEJ1948
DEJ1948

@SoundersCougzBraves @DEJ1948 @SchmedvigLast time I checked, the Rose Garden was operating on a slightly higher plane than Key Arena, where any NHL team would be sentenced for at least two or three years.  I saw Neil Young there and even he couldn't save that broken down excuse for a building. 

As to your erroneous characterization of the Winterhawks attendance, this last year, they averaged over 6,700 fans a game during the regular season and 9,200 for the playoffs.  Mind you this is for Tier I Junior hockey.  The Thunderbirds?  They averaged 4,000.

As to hockey history, the Portland Rosebuds were the first U.S. team to play for the Stanley Cup in 1918.  When they broke up, the bulk of their players went on the form the original Chicago franchise in the NHL.  Ever heard of the Eagles, the Penguins or the Buckaroos?  If you're a hockey fan, you must have heard of the Bucks since they regularly beat the stuffing out of the the your Totems back in the day.

Oh, one other thing.  If the Phoenix Coyotes financing deal had broken down, can you guess where the franchise was headed?  Hint: It begins with a "P".  Can you guess who would have owned the team?  That also begins with a "P"

Lastly, it's not "careless", it's care less.  You need to bone up on more than just your hockey.

Anyhow, nice try, but your last entry completed the circle of ignorance you began building with your first post. If you need more schooling about hockey, let me know.  I've probably forgotten more about the game while I wrote this post than you ever knew.