Kukla's Korner Hockey
by Paul on 08/14/13 at 04:04 PM ET
from Tom Gulitti of Fire & Ice,
The sale of Devils to a group headed by Philadelphia 76ers owner Joshua Harris remains on target to be completed on Thursday with the official announcement also likely to come that day – if there are no unexpected stumbling blocks in the next 24 hours.
The NHL’s Board of Governors is expected to complete its vote to approve the sale by Thursday, a source said..
Harris’ group would take over a controlling share of the ownership of the team and the operating rights of Prudential Center in Newark from current owner Jeff Vanderbeek, who will maintain a minority share.
An individual familiar with the process said the sale price is “well in excess of $300 million.” That will cover the approximately $200 million in debts the Devils and Devils’ Arena Entertainment have accumulated and still leave Vanderbeek with a significant surplus.
Forbes Magazine estimated the Devils’ value at $205 million in December of 2012.
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Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.
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