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Report- New Jersey Devils Owner In Need Of Cash

from Josh Kosman of the NY Post,

After trying for months to raise enough cash to pay off overdue loans, New Jersey Devils owner Jeff Vanderbeek is still short of his goal — with just a week to go, The Post has learned.

The former Wall Street executive needs another $20 million to make the lenders happy, sources close to the situation said.

Angry creditors are poised to pounce on Aug. 14, these sources said.

Failure to come up with the funds could result in Vanderbeek losing control of the team.

“He had worked out a deal to raise a certain amount and has not been able to do that,” a source said.

Vanderbeek is working — negotiating with the lenders and the National Hockey League — to remain at the head of the NHL’s Eastern Division champs should he not raise the needed money.

continued

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

Comments

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Oh I don’t know about this… until the Post “learns” the Devils are Eastern CONFERENCE champs then I can’t put much faith in to this story.

Posted by tj77 from USA on 08/07/12 at 02:46 PM ET

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They should take the devils out of the league and the coyotes. Case closed.

Posted by Tmar from Toronto on 08/07/12 at 03:38 PM ET

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devils were laughing at the league when they got the russian thhen it now backfires on tthem i hope that they can work this out because loosing them would be a big hit to the league best luck also toronto would like a few of the players cheap would solve ytour problem

Posted by brian from midland on 08/07/12 at 05:22 PM ET

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Tough times trying to raise capital. Our new normal, and it doesn’t mean we should bailout on franchises.

Posted by timbits on 08/07/12 at 06:04 PM ET

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Well, now you know why Zach Parise left Newark/New Jersey… and that “Dual Deal” with Suter was going on for a long time.

Finances are always the issue and Vanderbeek also lost his lawsuit to recoup millions from his old Wall Street firm.

Maybe Jeff should spend less time and money on his BOTOX and COLLAGEN injections(which have gone to his brain) and workout a new ownership deal with new partners. It appears Jeff wants to maintain his majority control/ownership, but he’s only causing the suffering of the organization(players/coaches/etc), fans, arena, city, and state.

Oh the proverbial MILTON will come to haunt Vanderbeek… “It’s better to rule in HELL, than to serve in Heaven…”

Posted by ScoutingSkating from Toronto on 08/07/12 at 10:09 PM ET

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1) Unless you are in a big city, owning a pro hockey team in the U.S. is like flushing money down the toilet. No one cares about the sport here and there are only a few places in the country that are consider true hockey hot beds. 2) I am 40 years old, I watched the Devils go from utter laughing stocks to one of the best hockey teams in the last 25 years and a team that people still fear playing 3) Lou is a genius, best GM in the league for all of the years he has been with the Devils. With Lou the Devils still have an excellent chance of maintaining the winning tradition they have built. 4) The backlash other teams fans are giving the Devils only shows just how much the Devils have achieved and how jealous a-lot of other fans are at the success they have built in New Jersey. When things like this happen, I love to sit back and see the venom that is tossed at teams like this, it shows without a doubt people hate a winner.

Mind you I am not a Devils fan, I am an Isles fan. Even though they are our enemies, you can’t help but admire what they have put together in NJ with all of the obstacles they have had to face.

This is just another one that will test them and make them stronger.

Posted by Chet Campbell from New York on 08/08/12 at 12:16 AM ET

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An Isles fan?  You’re like the Loch Ness Monster.

Posted by 13 user names on 08/08/12 at 01:21 AM ET

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Poster is right.  I take anything written in the Post with a grain of salt.  the same goes for the Daily news or any other tabloid.

Posted by 13 user names on 08/08/12 at 01:22 AM ET

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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.

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.

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