Jun 18, 2012, 9:07 AM EST
While the NHL could be on its way to solving an ownership problem in Phoenix, things in New Jersey could reportedly get even stickier.
According to Josh Kosman of the New York Post, the league is prepared to take control of the New Jersey Devils from owner Jeff Vanderbeek if he cannot refinance the $77 million in debt the team is in by an August 14 deadline. According to Kosman, the league is ready to act swiftly but the Devils owner also has other options.
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.
A league takeover would be an extreme measure, and this news comes at a horrible time for the Devils. New Jersey is fresh off an invigorating run to the Stanley Cup finals, one that reportedly made them over $26 million in ticket revenue, and faces the prospect of trying to re-sign Zach Parise this summer. Safe to say if problems are this bad for the Devils money-wise, Parise is as good as gone.
- Burgled: Sens’ Hammond shuts out Kings 13
- Wild get important win vs. Preds (and some luck, too) 29
- Trading baggage: Blue Jackets grab Clarkson, send Horton’s contract to Leafs 64
- Panthers acquire Jagr from Devils 29
- Trotz doesn’t see a ‘big, sexy, difference-maker guy’ on the market 16
- What’s up with the reports of problems in the Blackhawks’ room? 40
- Petrovic: Chicago will ‘probably seek revenge’ for Kane injury tonight 82
- Lombardi happy to get ‘one of the better defenseman on the market’ in Sekera 3
- NHL on NBCSN: Wild need two points from NHL-leading Preds 21
- Video: Potential No. 1 overall pick Connor McDavid goes end-to-end, top shelf 9
- Leafs’ Rielly apologizes for insensitive remarks (86)
- Petrovic: Chicago will ‘probably seek revenge’ for Kane injury tonight (82)
- Chiarelli understands scrutiny on GM and coach, but says, ‘It’s unfortunate that we’re under review for one year’ (69)
- ‘I don’t know why we’re so comfortable,’ says Toews after loss to Avalanche (69)
- Report: Alex Petrovic avoids discipline after injuring Patrick Kane (65)