Jun 28, 2013, 12:50 PM EDT
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.
Mar 9, 2014, 3:07 PM EDT
Detroit has lost its Wild Card spot.
Mar 9, 2014, 2:10 PM EDT
The once promising rookie was put on waivers by Ottawa.
Mar 9, 2014, 1:18 PM EDT
He’s scored in every New Jersey game since the Olympics.
Mar 9, 2014, 12:33 PM EDT
That’s on top of all the talent they traded away.
Mar 9, 2014, 11:58 AM EDT
Can Johan Franzen maintain his incredible post-Olympics pace?
Mar 9, 2014, 11:30 AM EDT
The 21-year-old is making the transition from the KHL.
Mar 9, 2014, 10:37 AM EDT
It helped lead St. Louis to its fourth straight win.
Mar 9, 2014, 9:48 AM EDT
Buffalo hasn’t been so bad lately, despite what the team looks like on paper.
Mar 9, 2014, 9:00 AM EDT
They both desperately need every point they can get.
Mar 9, 2014, 1:09 AM EDT
A much-needed victory for Vancouver.
Mar 9, 2014, 12:14 AM EDT
Short ones on Saturday.
Mar 8, 2014, 11:32 PM EDT
Roberto Luongo: quiet, so far.
Mar 8, 2014, 11:27 PM EDT
Tyler Seguin is just on fire right now.
Mar 8, 2014, 11:09 PM EDT
Dallas scored once on the resulting five-minute major penalty.
Mar 8, 2014, 10:59 PM EDT
Seeding battles heat up.
Mar 8, 2014, 9:55 PM EDT
Jaroslav Halak wins in his Washington debut.
Mar 8, 2014, 9:40 PM EDT
He scored the game-winner for New Jersey against Carolina.
Mar 8, 2014, 8:53 PM EDT
A solid Saturday for the Sens.
Mar 8, 2014, 8:24 PM EDT
His No. 9 ascends to the rafters.
Mar 8, 2014, 8:11 PM EDT
His latest acquisitions Matt Moulson and Cody McCormick are set to debut Saturday.
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