The NJ Devils Are In Financial Ruin, May Declare Bankruptcy! - Sitcoms Online Message Boards

Brian Damage · 06-19-2012, 10:33 PM

Hockey is getting ready to freeze out New Jersey Devils owner Jeff Vanderbeek.

NHL Commissioner Gary Bettman is preparing to take control of the money-losing hockey franchise in the event Vanderbeek fails to refinance the Devils’ debt before a looming Aug. 14 deadline, The Post has learned.

In recent days, the commissioner’s office has told potential suitors to be ready in case he moves on the team and pushes Vanderbeek aside, a source close to the situation said.

Vanderbeek is near a deal to sell a majority stake to a mystery investor, which would allow him to keep control of the Eastern Conference champions, one source said. The proceeds from a sale would be used to repay lenders much of the $77 million in past due debt.

But while Bettman has said publicly that he expects the Devils’ financial situation to be resolved soon, his behind-the-scenes moves suggest he’s far from confident that a deal will get done.

His skepticism shouldn’t come as a surprise. Since the Devils missed a principal payment in September, Vanderbeek has said several times he was close to a solution to the team’s debt woes, only to come up short.

When the team made it to Stanley Cup finals this spring, the team’s lenders agreed to extend the deadline for when they could put the team in default from early July to August, sources said.

Asked about the Devils before Game 1 of the finals last month, Bettman said Vanderbeek “is working to both refinance the debt on the club and equity-raise, and he appears to be fairly confident that he can pull this off in the next few weeks.”

Bettman added, “Since I’ve been in touch with the banks on a regular basis, we seem to be on track.”

The commissioner is expected to give Vanderbeek a few more weeks to complete a financial restructuring but will not wait until the Aug. 14 deadline passes, sources said.

The NHL would likely force him out sooner to give suitors enough time to study the team’s financials and make an offer to lenders before the bankruptcy deadline, according to sources.

Moreover, new investors may not want to buy the team and leave Vanderbeek in charge, sources added.

Faced with losing control of the team, Vanderbeek could also decide to put the Devils into bankruptcy and buy himself several months to arrange a restructuring plan.

Thanks to their success on ice this year, when the team staged an upset win over the New York Rangers in the Eastern Conference Championships, the Devils could go from losing $20 million in the regular season to almost breaking even next year, sources said.

The Devils declined to comment, while the NHL did not return calls.

Read more: http://www.nypost.com/p/news/busines...#ixzz1yISb5h23

Marvo301 · 06-20-2012, 01:46 PM

Wow! How do you go from competing for the Stanley Cup to your franchise being in so much trouble that quickly? I hope they get their financial house in order. the last thing the NHL needs is another Phoenix situation dragging out for years!!!

Big3sCompanyFan · 06-20-2012, 04:30 PM

Nobody cares about the stupid Devils outside NJ.

Some say they ruined hockey with their awful style of play.

robyrob · 06-20-2012, 04:53 PM

they definitely ruined hockey with their boring play style, and they've been having problems for quite awhile now - the cup run has just bought them some time before they get shut down.

Dianne3 · 06-20-2012, 04:53 PM

Marvo - the Kovalchuk contact didn't help

This current owner has only been the owner for not that many years. Bettman sure does his researches for new owners. LOL

Big3sCompanyFan · 06-20-2012, 05:57 PM

Quote:

Originally Posted by robyrob

they definitely ruined hockey with their boring play style, and they've been having problems for quite awhile now - the cup run has just bought them some time before they get shut down.

If they do get shutdown it will be great for the NHL!

Jericho-79 · 06-23-2012, 02:14 PM

I'm a New Jersey resident, and I don't see how the Devils are so great. They were lucky to make to the SC finals.

I don't see how NJ deserves any pro-sports teams. The state already lost the Nets.

I'd say the Devils move to Canada!

Big3sCompanyFan · 06-23-2012, 03:02 PM

Quote:

Originally Posted by Jericho-79

I'm a New Jersey resident, and I don't see how the Devils are so great. They were lucky to make to the SC finals.

I don't see how NJ deserves any pro-sports teams. The state already lost the Nets.

I'd say the Devils move to Canada!

What happened to the Nets??

Jericho-79 · 06-24-2012, 11:22 AM

Quote:

Originally Posted by Big3sCompanyFan

What happened to the Nets??

They've moved to Brooklyn, which is essentially New York City.

robyrob · 06-24-2012, 12:49 PM

Quote:

Originally Posted by Jericho-79

I'm a New Jersey resident, and I don't see how the Devils are so great. They were lucky to make to the SC finals.

I don't see how NJ deserves any pro-sports teams. The state already lost the Nets.

I'd say the Devils move to Canada!

which do you think would be better - Hamilton, which would create a great rivalry with Toronto (which has had a pretty crappy team for the last two decades), or Quebec City, which would create a great rivalry with Montreal (which has had a pretty crappy team for the last two decades)

Big3sCompanyFan · 06-24-2012, 07:06 PM

Quote:

Originally Posted by robyrob

which do you think would be better - Hamilton, which would create a great rivalry with Toronto (which has had a pretty crappy team for the last two decades), or Quebec City, which would create a great rivalry with Montreal (which has had a pretty crappy team for the last two decades)

You mean move the Devils to Quebec or the Nets??

Big3sCompanyFan · 06-24-2012, 07:08 PM

Quote:

Originally Posted by Jericho-79

They've moved to Brooklyn, which is essentially New York City.

LOL...had no idea. They play at MSG too?

I don't really follow basketball except maybe the finals.

robyrob · 06-24-2012, 08:34 PM

Quote:

Originally Posted by Big3sCompanyFan

You mean move the Devils to Quebec or the Nets??

i don't think anyone in Quebec even knows what basketball is

Big3sCompanyFan · 06-25-2012, 12:50 AM

Quote:

Originally Posted by robyrob

i don't think anyone in Quebec even knows what basketball is

LOL..good one!

MrCleveland · 06-25-2012, 02:16 PM

I'd like to see Quebec have a team...I'd also like to see Cleveland have a team, but it's the Major League Farm System!

06-19-2012, 10:33 PM	#1
Brian Damage I'm Rich Bitch Forum Icon Join Date: Feb 03, 2002 Location: What Ain't No Country I Ever Heard Of...They Speak English in What? Posts: 63,107	The NJ Devils Are In Financial Ruin, May Declare Bankruptcy! Hockey is getting ready to freeze out New Jersey Devils owner Jeff Vanderbeek. NHL Commissioner Gary Bettman is preparing to take control of the money-losing hockey franchise in the event Vanderbeek fails to refinance the Devils’ debt before a looming Aug. 14 deadline, The Post has learned. In recent days, the commissioner’s office has told potential suitors to be ready in case he moves on the team and pushes Vanderbeek aside, a source close to the situation said. Vanderbeek is near a deal to sell a majority stake to a mystery investor, which would allow him to keep control of the Eastern Conference champions, one source said. The proceeds from a sale would be used to repay lenders much of the $77 million in past due debt. But while Bettman has said publicly that he expects the Devils’ financial situation to be resolved soon, his behind-the-scenes moves suggest he’s far from confident that a deal will get done. His skepticism shouldn’t come as a surprise. Since the Devils missed a principal payment in September, Vanderbeek has said several times he was close to a solution to the team’s debt woes, only to come up short. When the team made it to Stanley Cup finals this spring, the team’s lenders agreed to extend the deadline for when they could put the team in default from early July to August, sources said. Asked about the Devils before Game 1 of the finals last month, Bettman said Vanderbeek “is working to both refinance the debt on the club and equity-raise, and he appears to be fairly confident that he can pull this off in the next few weeks.” Bettman added, “Since I’ve been in touch with the banks on a regular basis, we seem to be on track.” The commissioner is expected to give Vanderbeek a few more weeks to complete a financial restructuring but will not wait until the Aug. 14 deadline passes, sources said. The NHL would likely force him out sooner to give suitors enough time to study the team’s financials and make an offer to lenders before the bankruptcy deadline, according to sources. Moreover, new investors may not want to buy the team and leave Vanderbeek in charge, sources added. Faced with losing control of the team, Vanderbeek could also decide to put the Devils into bankruptcy and buy himself several months to arrange a restructuring plan. Thanks to their success on ice this year, when the team staged an upset win over the New York Rangers in the Eastern Conference Championships, the Devils could go from losing $20 million in the regular season to almost breaking even next year, sources said. The Devils declined to comment, while the NHL did not return calls. Read more: http://www.nypost.com/p/news/busines...#ixzz1yISb5h23
	__________________ The Key to the Kingdom of Heaven: John 3:3 *Money Doesn't Buy Happiness...But I'd Rather Cry in My Private Jet*

06-20-2012, 01:46 PM	#2
Marvo301 I'm NOT a Blockhead! Forum Celebrity Join Date: May 17, 2002 Location: The Great White North Posts: 21,460	Wow! How do you go from competing for the Stanley Cup to your franchise being in so much trouble that quickly? I hope they get their financial house in order. the last thing the NHL needs is another Phoenix situation dragging out for years!!!
	__________________ Only a life lived for others is worth living. Albert Einstein A life isn't worth living unless it has impact on other lives. Jackie Robinson Be always at war with your vices, at peace with your neighbors, and let each new year find you a better man. Benjamin Franklin

06-20-2012, 04:53 PM	#4
robyrob certified wackball#3 Moderator Forum Icon Join Date: Aug 03, 2003 Location: hiding under the third booth at Arnold's Posts: 58,214	they definitely ruined hockey with their boring play style, and they've been having problems for quite awhile now - the cup run has just bought them some time before they get shut down.
	__________________ * firefox * AdAware * HiJackThis * CoolWebShredder * Spybot * SpywareBlaster * Spyware Terminator * * GeeksToGo * AntiVir * Avast antivirus * Housecall Online * Sysinternals Security Utilities * * ZoneAlarm * Agnitum-firewall * Comodo Firewall * AVG Anti-Rootkit * RootkitRevealer * ParasiteCheck * * Annoyances * FreeCodecs * Mikes-Hosts-File * GRC.com * MSAntispyware * DVD's * TradeList * myspace *

06-23-2012, 02:14 PM	#7
Jericho-79 Member Frequent Poster Join Date: May 17, 2012 Location: New York City Posts: 133	I'm a New Jersey resident, and I don't see how the Devils are so great. They were lucky to make to the SC finals. I don't see how NJ deserves any pro-sports teams. The state already lost the Nets. I'd say the Devils move to Canada!
	__________________ My shrink once told me: "Maybe life isn't for everyone."

06-25-2012, 02:16 PM	#15
MrCleveland Drew Carey from Hell Forum Star Join Date: Nov 10, 2007 Location: The City of Cleveland, in The State of Cleveland, in The United States of Cleveland Posts: 14,235	I'd like to see Quebec have a team...I'd also like to see Cleveland have a team, but it's the Major League Farm System!
	__________________ Thank God for kids that love Obscure Things. Lee Hazlewood (1929-2007) You ARE Special to God! Rev. Ernest Angely (August 1921-May 2021)

06-20-2012, 04:30 PM	#3
Big3sCompanyFan Member Senior Member Join Date: Sep 16, 2003 Posts: 2,493	Nobody cares about the stupid Devils outside NJ. Some say they ruined hockey with their awful style of play.

06-20-2012, 04:53 PM	#5
Dianne3 Member Senior Member Join Date: Aug 07, 2002 Posts: 1,060	Marvo - the Kovalchuk contact didn't help This current owner has only been the owner for not that many years. Bettman sure does his researches for new owners. LOL