Report: New Jersey Devils To Be Taken Over By The NHL
The financial woes of the New Jersey Devils are getting worse and may lead to a takeover by the National Hockey League.
A combination of problems with the team and its home arena, the Prudential Center in Newark have let to the current financial woes according to Forbes magazine.
The team has $230 million in debt according to and owner Jeff Vanderbeek missed a payment on a bank loan. A possible buyer for the club, investor, Andrew Barroway, backed out after taking a look at the clubs' books.
The Rock is also having trouble putting up cash for acts to perform. It plummeted on a list of the world's busiest arenas from #11 to below the top 50.
Devils, NHL Deny The Story
The Devils tell a different story. A person familiar with the negotiations says several groups are vying to buy the financially strapped New Jersey Devils, and a deal should be completed by the start of the NHL season.
The source spoke to The Associated Press Thursday and requested anonymity because the negotiations between Devils owner Jeff Vanderbeek and the groups are still active.
Philadelphia 76ers owner Josh Harris heads one group trying to buy the three-time Stanley Cup champions and Calgary billionaire Bill Gallacher is another, although the source said multiple groups are bidding. The team will not relocate, the source said.
The NHL said it has no interest in taking over the team, commissioner Gary Bettman said Thursday after a new conference in New York to promote two outdoor games at Yankee Stadium.