New Jersey Devils In Massive Debt; NHL Taking Over Before 2013-14 Season?
If you want to feel better about your financial situation, then take a look at the hole that the New Jersey Devils have dug for themselves. Despite recent success on the ice, the Devils are reportedly in such bad shape that nobody wants to buy the lowly NHL franchise. Therefore, the reports say that Gary Bettman and the NHL brass would be forced to operate the team before a sale is made.
Believe it or not, the Devils are apparently $230 million in debt and it’s gotten to the point where New Jersey’s owner can’t even pay his bank loans. Jeff Vanderbeek owns the club and apparently recently restructured loan just to not pay the first installment.
Looking at the Devils’ roster you’d think they were in great shape as New Jersey has $55 million committed to its players this season. Even still, the Devils will more than likely be under new ownership this time next month. In fact, attorney Andrew Barroway was supposed to buy the team and the Prudential Center for an undisclosed amount, yet he eventually saw the Devils’ books and decided he’d be best off not investing in the three-time Stanley Cup champions.
The Devils’ expected sale should be pretty interesting as the New Jersey franchise is just one year removed from an Eastern Conference Championship, which makes this situation much different than the sale of Phoenix Coyotes last year.
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