Sep 7, 2012, 2:09 PM EDT
New Jersey Devils owner Jeff Vanderbeek has finalized a deal that will allow him to keep the team for at least two more years, a source tells the New York Post.
The deal, hammered out in the last few days, was able to be reached only after the NHL agreed to convert its multi-million dollar advance on licensing income into a secured loan and to put off repayment for 24 months, or longer, the source added.
Vanderbeek is now paying lenders other than the NHL roughly $40 million to retire some of its overdue loans and is combining the team and arena debt into one new $160 million package, sources said.
The deal hasn’t officially closed yet, but the Post says that should happen next week.
In other Devils news, general manager Lou Lamoriello told the Bergen Record yesterday that forwards Ilya Kovalchuk and Patrik Elias and defenseman Mark Fayne should be healthy enough to attend training camp (whenever that may start).
Specifically, Lamoriello said Kovalchuk (lower-back injury) is “fine” and skating/working out in Russia, Elias (groin surgery) is “100 percent,” and Fayne (wrist surgery) is “coming along great.”
- How do Voracek, Giroux compare to the most expensive duos? 7
- Voracek turns monster season into massive eight-year deal 56
- Report: Canucks, Sutter closing in on five-year deal, north of $20M 24
- Voynov serving sentence at jail that once advertised it had flat screen TVs 45
- Report: Bernier and Leafs more than $2 million apart ahead of Friday’s arbitration hearing 11
- Flyers re-sign Couturier: six years, $26 million 40
- Benning calls Sutter a ‘foundation piece’ for Canucks 24
- Here’s a chart that shows which teams have been good/bad at drafting 40
- Penguins sign Fehr to three-year, $6 million contract 22
- Trade: Penguins send Sutter to Canucks for Bonino, Clendening 54
- Bettman says NHL would have to ‘consider’ putting Quebec City in the Western Conference (70)
- Rangers sign Stepan — six years, $39 million (62)
- NBC Sports to broadcast 105 NHL games in 2015-16 (58)
- Voracek turns monster season into massive eight-year deal (57)
- Trade: Penguins send Sutter to Canucks for Bonino, Clendening (54)