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Report: Devils may be sold to attorney Andrew Barroway

Jun 28, 2013, 12:50 PM EST

Montreal Canadiens v New Jersey Devils Getty Images

The talk about the financial distress the New Jersey Devils may or may not be in has been discussed a lot lately. There’s a chance that could all be coming to an end soon, however.

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.

  1. 950003cups - Jun 28, 2013 at 2:24 PM

    Whodat??

  2. quizguy66 - Jun 28, 2013 at 2:24 PM

    As opposed to articles that the NY Post puts out, Gulitti is a credible source on things Devils so I would expect this will come to pass. Hopefully it’s good for the team and us Devils fans.

    -QG

  3. 950003cups - Jun 28, 2013 at 2:32 PM

    When Josh Kosman and the rest of the wannabes wrote that the Devils were about to be sold to ex-Tampa Bay Lightning owner Oren Koules and former pro hockey player Brian Lawton, it was Gulitti who said (24hrs prior to the breaking news) that the names we will hear about have not been dealing with the league or the Devils.

    Tom Gulitti is the most credible source of information when it comes to NJ Devils.

  4. bbk1000 - Jun 29, 2013 at 9:49 AM

    Throw them on E-Bay, make the reserve $14.99 or so and you’ll stand a chance of selling them…

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