<
>

Report: Devils bailed out of debt ... for now

2/21/2012

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.