Report: Devils bailed out of debt ... for now
February, 21, 2012
Feb 21
10:46
AM ET
By Mike Mazzeo | ESPNNewYork.com
A “deep-pocketed investor” is on the verge of taking up Devils owner Jeff Vanderbeek’s $80 million debt, according to the New York Post.
Vanderbeek will have until the start of the 2012-13 season to come up with new capital, according to the newspaper. If he doesn’t, he’ll be forced to sell the team.
The NHL has given the Devils almost $10 million against future revenue, according to the newspaper.
The Devils are surging in the Eastern Conference standings, but the newspaper says Vanderbeek still won’t have enough money even if they make a deep playoff run.
The Devils were on the verge of going into bankruptcy per NHL rules, sources told the newspaper.
Vanderbeek will have until the start of the 2012-13 season to come up with new capital, according to the newspaper. If he doesn’t, he’ll be forced to sell the team.
The NHL has given the Devils almost $10 million against future revenue, according to the newspaper.
The Devils are surging in the Eastern Conference standings, but the newspaper says Vanderbeek still won’t have enough money even if they make a deep playoff run.
The Devils were on the verge of going into bankruptcy per NHL rules, sources told the newspaper.
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Katie Strang
After spending the past two seasons as the Islanders beat writer for Newsday, Katie Strang joins ESPNNewYork.com to cover the Rangers, Isles and Devils. She is a graduate of Michigan State University and Columbia University's Graduate School of Journalism.
Mike Hume
Mike Hume is a general editor for ESPN Insider, for which he coordinates NHL coverage, including the NHL Draft Blog. He has followed hockey since The Whale skated at the Civvy, and has covered the sport since 2004.
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