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Report: Devils’ sale price ‘well in excess of $300 million’

Aug 14, 2013, 5:28 PM EDT

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The New Jersey Devils, as well as the operating rights to the Prudential Center arena where they play, are being sold for “well in excess of $300 million,” an individual familiar with the process tells The Record’s Tom Gulitti.

In fact, the price that billionaire Josh Harris, already the principal owner of NBA’s Philadelphia 76ers, pays may be in excess of $320 million, according to the New York Times.

Whatever the exact price, Gulitti reports it will “cover the approximately $200 million in debts the Devils and Devils’ Arena Entertainment have accumulated and still leave [current owner Jeff Vanderbeek] with a significant surplus.”

There’s also this tidbit from the Times:

Harris is expected to ask Scott O’Neil, the former president of Madison Square Garden Sports, to run the Devils’ off-ice operations. Lou Lamoriello, the team’s longtime president and general manager, is expected to remain in those roles.

The NHL is expected to approve the sale tomorrow.

Related: Prospective Devils owner may see turnaround opportunity in New Jersey

  1. 950003cups - Aug 14, 2013 at 7:31 PM

    Praise the Lord! How on Earth does this dude expect to make this money back? I’d love to see this. Anyone in the hole for that kind of cash will need to win 5 cups in a row just to break even.

    • cerealrapist - Aug 14, 2013 at 8:32 PM

      The Devils have been one of the more profitable franchises is hockey, especially considering that this includes control of the Prudential Center’s non-sports events.
      The Rock, despite being in Newark, is pretty much the highest regarded arena in the Northeast.

      The only reason for the financial troubles was that Vanderbeek came from Lehman Brothers which went bankrupt and he had his own personal financial difficulties that made it impossible for him to pay off all his debt from building the new arena.

      • ryanrockzzz - Aug 15, 2013 at 11:30 AM

        So in theory if the venue would still be profitable without hockey….(this may not be possible) and Harris owns the venue, and then gets a sweet new arena from Seattle that makes him more a profit on the hockey/basketball side. Certainly not saying it’s going to happen, but I don’t think him moving both the Sixers ( corporate types are creative at finding a way to break a 20 year lease) and also the Devils at some point is out of the question.

      • warchief65 - Aug 15, 2013 at 3:52 PM

        Most of the ” new ” arena were paid by the State of N.J. . Why do you think he can pay off his own debts , from the sale of the team ? Most of the debts , in most cases , are paid by the new owner(s) .

      • 950003cups - Aug 15, 2013 at 4:20 PM

        ryanrockzzz

        The arena is not profitable without filling up that place 40 (plus playoffs) days a year. Plus he would lose the MSG Network cash which is pretty large. The millions in parking revenue that the city kicks in also. Devils will help the arena break even. The concerts are what p[uts it over the top. THen you have to calculate the increase in the value of the team which is almost certain to increase, like the Sixers franchise did.

        Then there’s that little thing called “THE NHL” who would have to approve that move, which they certainly have no intentions in doing for now.

    • barkar942 - Aug 14, 2013 at 9:20 PM

      By moving them to Seattle.

      Just kidding.

      • badintent - Aug 15, 2013 at 1:11 AM

        Not Kidding. Jersey is a dump. Newark is a dump dump. Seattle is a green and beautiful city and has a great sports base. Nets left town for better digs in Brooklyn , come on man ! Freakin Brooklyn over Jersey. Pathetic Jersey

      • chihawkee - Aug 15, 2013 at 11:39 AM

        Oh come on now, badintent — Do you not know the Islanders are moving to Brooklyn for the 2015-2016 season?

    • ag3rd - Aug 14, 2013 at 10:06 PM

      No good business man would lay out the bucks the press is talking about if he didn’t think he could make a profit on his investment.

  2. ragsrus - Aug 14, 2013 at 8:39 PM

    One if the more profitable… One of the most highly regarded arenas in…what???? homerism, blind and stupid as usual.

    • idonthavethebloodyoucrave - Aug 14, 2013 at 8:52 PM

      I agree. Reminds of the Rangers fans who’s team has one championship in three quarters of a century and yet carry on and on like their team is relevant.

    • nj666 - Aug 14, 2013 at 9:56 PM

      The rock will still be where its at in 10 years, cant say that about MSG.

    • devilsarethebest - Aug 14, 2013 at 10:12 PM

      Hahahahaa, ignorant Rags fan. Prudential Center is the 4th busiest arena in the WORLD. And it’s obviously more highly regarded than MSG because no one wants to take it down to expand a train station. That’s what beats your arena, a TRAIN STATION.

      • badintent - Aug 15, 2013 at 1:16 AM

        no one with a brain thinks that Dolan would drop $1 Billion dollars on a reno job only to have it torn down. His lawyers will tie up the city for years until they give up and the next Mayor will squash the plans to expand the TRAIN STATION. Newark is a dump dump. Makes West Orange look like the French Rivera.It is nothing but a TRAIN STATION FOR NEW YORK CITY WORKERS. Class dismissed.

      • badintent - Aug 16, 2013 at 2:45 AM

        working OT on that thumbs down are ya ? Still taking taking vacations at the Jersey shore after Hurricane Sandy ? Classic Jersey. No wonder the Boss moved to the West.Enjoy your Jersey PATH train station. It’s just like the Bullet train, only real bullets instead of Japan

  3. vstar1us - Aug 15, 2013 at 3:22 AM

    Really, do you think it is worth it?

  4. ragsrus - Aug 15, 2013 at 7:25 AM

    No, dumb Debbie fans, it’s your team that’s irrelevant. If you actually believe the Rangers were irrelevant at any time in their history your in denial. No one cares about jersey. Your team is garbage and will fight for last place. At least youll have a top five pick (oh wait! lol)The last thing the Rangers are and ever were is irrelevant. MSG is the most internationally respected and known arena in the WORLD. The pebble (aka MSG West) not so much. It’s really a joke to compare them. Fools lmao!!

  5. ragsrus - Aug 15, 2013 at 7:25 AM

    No not worth it, not even close.

  6. sbrowncreative - Aug 15, 2013 at 8:24 AM

    I love the New Yorkers on here dumping on Jersey like Newark and the neighborhood that houses Penn Station (MSG) are any different. Jersey, NYC and Philly are all pretty similar. The Devils are hugely popular in one of the most densely populated states, so Seattle… Go away. The team is not moving. Guaranteed.

    • ryanrockzzz - Aug 15, 2013 at 11:27 AM

      I dont know, Newark is a pretty big crap hole.

      • chihawkee - Aug 15, 2013 at 11:45 AM

        …not as bad as Camden.

      • badintent - Aug 16, 2013 at 2:47 AM

        Or Trenton. Or East Orange. or ………………….the whole chumpass state.

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