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Cost To Buy The Devils? “Well In Excess Of $300M”

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.

continued

Filed in: NHL Teams, New Jersey Devils, | KK Hockey | Permalink
 

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About Kukla's Korner Hockey

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.

From breaking news to in-depth stories around the league, KK Hockey is updated with fresh stories all day long and will bring you the latest news as quickly as possible.

Email Paul anytime at pk@kuklaskorner.com

 

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