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Report: Devils owner seeking $20 million to pay off overdue loans

Aug 7, 2012, 8:00 PM EDT

Lou Lamoriello, Jeff Vanderbeek Getty Images

It looks like prospective Coyotes owner Greg Jamison isn’t the only guy in need of cash for a team.

According to Josh Kosman of the New York Post, Devils owner Jeff Vanderbeek is seeking $20 million to help pay off overdue loans. Despite the bleak news, Kosman’s source remains upbeat.

“He has not given up,” a source close to the Newark franchise said yesterday, adding confidently that Vanderbeek will raise the $20 million needed and work out a solution to remain in charge of the team.

Vanderbeek has been in search of cash for the team since September when the team reportedly missed an $80 million loan repayment. He reportedly has until August 14, a week from today, to pay off the lenders or he could lose control of the team.

As was reported after the Stanley Cup finals, the NHL reportedly has a Coyotes-like takeover plan in place for the Devils should Vanderbeek fall short of the funds needed to remain in control. The league has denied those reports, however.

With CBA negotiations going on and the league already neck-deep in problems in Phoenix, this could be shaping up into another financial mess for the NHL to wrangle. Maybe the owners want to go over that revenue sharing stuff one more time.

  1. phillyphever - Aug 7, 2012 at 8:15 PM

    I got a feeling Vanderbeek isn’t gonna be the majority owner of the team for very long. Maybe he does what Lerner did with the Browns and sell a majority of the team to someone and stay on as a minority owner.

  2. flyeredup - Aug 7, 2012 at 9:09 PM

    Contract the Clutch And Grabbers.

  3. quizguy66 - Aug 7, 2012 at 11:56 PM

    Still would like a non NY Post source for these stories. At least it’s not Brooks for once.

    -QG

  4. freneticgarfieldfan - Aug 8, 2012 at 2:59 AM

    just ask your friend Newark Mayor Cory Booker, he’ll gladly help you out ;-)

  5. johnnygripz - Aug 8, 2012 at 8:03 AM

    the Devils should just fold. People don’t even go to their games…

  6. 950003cups - Aug 8, 2012 at 8:04 AM

    Those financial stories had never came from Brooks.

    Here’s how I see it. NJ Devils are destined to be bought by Verizon. Comcast owns the Flyers, Cablevision owns the Rangers. So like their business tactics, it’s only fitting for them to bust in between and divide and conquer.

  7. hank10 - Aug 8, 2012 at 8:06 AM

    Who do I see to payoff my loans?

  8. mclovinhockey - Aug 8, 2012 at 8:48 AM

    It’s a shame, I feel if the devils were based from NJ since day one, they would have a much healthier fan base. Half of jersey is flyers fan, the other half is divided between rangers, islanders and devils.

    Good luck Devils.

  9. nyjetblue - Aug 8, 2012 at 9:58 AM

    We need the Devils here in the NY metro market. Rangers tickets are already too expensive and hard to get. The Devils help keep the riff raff out of MSG. I’ve never seen more mullets and neck tattoo’s than at the rock.

    • martysbetter - Aug 9, 2012 at 3:56 PM

      Threw one in front… blocked there….scrambled for it there, they poke away at it! Still its loose! Poked at by Kovalchuk… THEY SCORE!!!! HENRIQUE!!! ITS OVER!!!

  10. purpleguy - Aug 8, 2012 at 11:23 AM

    Yeah, and the Devils had plenty of money to pay Parise’s signing bonus had he decided to stay.

  11. biffnasty - Aug 8, 2012 at 1:25 PM

    lol @nyjetblue. soo true. doesnt it seem that most devils fans rocking the mullets are overweight as well? and i dont know why but devils fans have a strange obsession with looney toons characters playing hockey. last game i went to at the rock. seen at least 6 ppl wearing a leather devils looney toon jackets. too funny really

  12. sbrowncreative - Aug 8, 2012 at 10:54 PM

    Dude, you need a new joke. The Loony Tunes thing is old. As for messed up fans… Seriously. MSG isn’t exactly teaming with the classiest people on earth. I’ll take fat mullets (aka hockey hair wise guys) over methheads and pee soaked homeless dudes any day.

    BTW… Didn’t we just beat the crap outta NYR recently? It was a great game. Mullets were soaked with tears of joy at the rock that fine evening.

  13. jimw81 - Aug 8, 2012 at 11:23 PM

    As a long time NHL fan that sat through 2 and possible a 3rd lockout, it’s time for owners to take responsibility for their actions. Vanderbeek gaved kovy 100+ million contract that he paying the price for right now. If he can’t resolve the issue, sell the team or fold. We going to have the same issue in nashvillie in 2 or 3 yrs with weber contract. The owners have to take responsibility and face the facts they created this situation.

  14. mpg44 - Aug 10, 2012 at 8:48 PM

    I think most of this is Vanderbeeks pride that is stopping another partner from stepping. Over the past six months there have been several with real interest but walked away due to Vanderbeek. Seems he wants to be soley in control, but can’t soley provide for the team. Time to man up , realize the team is bigger then just you and move on or team up with someone.

  15. mpg44 - Aug 10, 2012 at 8:49 PM

    As for the others …. Mock us if you need too. Your just mad that we won more cups in way less time then you !!!

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