The founder of one of the world’s largest private equity firms, Josh Harris and his group paid $320 million to Jeff Vanderbeek for the rights to the Devils and the lease to the Prudential Center.
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.
A person familiar with the negotiations says several groups are vying to buy the financially-strapped franchise and there is a chance a deal might be done quickly.
According to Forbes, the organization has $230 million of debt. Owner Jeff Vanderbeek, Forbes reported, recently missed a payment on a bank loan that he took out.
Newark’s City Council on Tuesday approved a revenue-sharing deal between the city and the NHL’s New Jersey Devils for the Prudential Center arena.
Jeff Vanderbeek has taken over sole control of the New Jersey Devils and refinanced the team’s debt.
It appears NHL Commissioner Gary Bettman could soon make Newark Mayor Cory Booker a very happy man.
The New Jersey Devils will be hosting the Los Angeles Kings at 8:00 p.m. at the Prudential Center.
Newark Mayor Cory Booker is harshly criticizing he owner of the New Jersey Devils after an arbitration ruling in a long-running dispute over the hockey team’s lease at the Prudential Center arena.
Fear not, New Jersey fans. The minority owners of the Devils are finalizing a deal to sell their interest in the team and give managing partner Jeff Vanderbeek some new partners.
Move over, Mets. There’s reportedly a new cash-strapped franchise in town.
Madison Square Garden is undergoing a renovation, which means the New York Liberty WNBA team will be playing at the Prudential Center in Newark.
The NJ Devils may be on the brink of signing Ilya Kovalchuk for the second time this offseason.
Devils team president and general manager Lou Lamoriello said the Devils will continue working to re-sign the high scoring Russian.