Jun 28, 2013, 12:50 PM EST
Mike Ozanian of Forbes.com reports the Devils may be sold to attorney Andrew Barroway. He reports the NHLPA is telling its members that Barroway has loaned $30 million to the Devils to help pay down their debt and that a group led by Barroway may be purchasing the team.
Forbes’ report quotes a memorandum that went out to the Players’ Association on June 27, 2013 that says the team has run into “serious cash flow issues” that have resulted in missed payments that were resolved by the league. That much we’d heard about previously. Their comment on Barraway makes for new information.
“Recently, the Club was able to arrange a significant infusion of debt capital ($30 million) from an investor that is interested in purchasing the the Club from [Jeff] Vanderbeek. We understand from League officials that the new investor, Andrew Barraway [sic], is currently negotiating with Vanderbeek and thier [sic] expectation is that either Barroway or another ownership group will end up owning the team within the next 120 days or so.”
PHT reached out to the NHLPA for comment, but they declined to speak about it.
The Devils having a new owner within the next four months would help make for an even busier time for the NHL as they’re on the verge of a resolution regarding the Phoenix Coyotes’ ownerless situation.
Barroway was once part of a group that tried to purchase the Philadelphia 76ers. As for the current owner of the Devils, Tom Gulitti of Fire & Ice adds that Vanderbeek will maintain a minority share of the team.
- Video: Team Foligno survives shootout, wins Skills Competition 2
- Video: Weber wins hardest shot with 108.5 mph blast 4
- Video: Lightning’s Drouin wins fastest skater 7
- WATCH LIVE: NHL All-Star Skills Competition 1
- Will the Youngstars even have a chance? (Updated) 12
- Unique World Cup format allows ‘more of the very best players’ to participate 10
- NHL unveils 2016 Winter Classic, Stadium Series games 17
- Players have fun, show off personalities in water-fueled All-Star Fantasy Draft 9
- Video: ‘Coachable’ Kessel goes from last pick to 2nd overall 5
- Video: Team Foligno takes Ryan Johansen first overall in All-Star Fantasy Draft 1
- Columnist: Flyers ‘orchestrated’ fight night versus Pens during meal at ‘a local steakhouse’ (130)
- Flyers’ Rinaldo: ‘I changed the whole game, man’ (112)
- Video: Rinaldo tossed for boarding Letang (79)
- Metro sensational: Rangers continue dominance of division, Pens (61)
- Report: Flyers’ Rinaldo waives right to an in-person hearing (61)