Report: Devils Could Be Sold To Joshua Harris' Group By Thursday
NEW YORK (CBSNewYork) -- It was reported last week that the Devils, who are said to be struggling mightily financially, would likely be taken over by the National Hockey League in September.
NHL Commissioner Gary Bettman quickly shot that down, calling the report inaccurate.
Another report last week indicated that several groups are vying to buy the Devils, and a deal is expected to be finished before the start of the season.
It appears that things are moving quickly.
According to Tom Gulitti of The Record, the team could be sold by Thursday.
Sources told Gulitti that the Devils could soon be bought by a group headed by Philadelphia 76ers owner Joshua Harris.
One of the sources told the newspaper that the deal would already be completed if not for the need to receive the NHL's Board of Governors' approval. The purchase is expected to be approved.
The group led by Harris would cover the franchise's reported massive debt, according to Gulitti. Forbes reported last week that the organization has $230 million of debt, and owner Jeff Vanderbeek recently missed a payment on a bank loan that he took out.
Forbes also reported that the hockey team's annual debt payment is in the neighborhood of $15 million per year.
After the expected sale is completed, the Devils will still play at Prudential Center, their home since 2007.
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