Aug 16, 2014, 1:05 PM EDT
Despite having new owners in Josh Harris and David Blitzer, the New Jersey Devils are scheduled to once again lose money in 2014-15.
According to the report from Tom Gulitti of The Record, Harris and Blitzer — who purchased the team from Jeff Vanderbeek a year ago for $320 million — are still fixing previous financial issues.
The Devils missed the playoffs for a second straight season in 2013-14 and according to Blitzer the team will not turn a profit in 2014-15 even if New Jersey qualifies for the postseason.
“We’re not going to make money this year. Let’s be clear,” said Blitzer. “I don’t know the exact numbers, but our view is to get it to the right place and we know over a longer period of time we do believe we can get it to be a profitable team on the business side or the equation. It is not today. I don’t expect it to be next year, but over time you can’t have a business that over 30 years it doesn’t become a profitable team because that just doesn’t work.”
According to the report, the team had debt issues and was “under invested in” on the business side.
Devils CEO Scott O’Neil points out the team was severely understaffed on the business side with just 76 employees when the new group took over. Since then, the staff has nearly doubled.
The team’s debt isn’t expected to factor into the Devils and GM Lou Lamoriello’s ability to spend money. As it stands, New Jersey sits with less than $5 million to play with.
Lamoriello compared the situation under previous ownership to that of the Phoenix Coyotes saying that he had to report to the league as a result of the team’s financial struggles.
“It was like Phoenix from a hockey standpoint. That was fact,” said Lamoriello. “You had to do things in a different way.”
The GM said things are “status quo” with unrestricted free agent Ryan Carter. According to Gulitti, Carter seems to be waiting for the Devils to move a forward before re-signing him.
When asked about restricted free agent Eric Gelinas, Lamoriello said, “We have a month to go. We want to get him signed.”
New Jersey finished the 2013-14 season with a 35-29-18 record and in 10th place in the Eastern Conference.
May 28, 2015, 2:21 PM EDT
After scoring 80 points in 56 games for Youngstown.
May 28, 2015, 2:08 PM EDT
Rangers goalie knows he can’t rely on history to defeat the Lightning.
May 28, 2015, 1:04 PM EDT
The former Penguins coach is still under contract to Pittsburgh.
May 28, 2015, 12:27 PM EDT
Former Preds forward, who played for Roy in junior, is currently with KHL club CSKA.
May 28, 2015, 12:22 PM EDT
Has spent the past three seasons coaching the Flyers’ AHL affiliate.
May 28, 2015, 12:05 PM EDT
Spent part of last season with the Bruins
May 28, 2015, 11:49 AM EDT
Which they lost by a score of 6-2.
May 28, 2015, 11:41 AM EDT
Which is next Wednesday.
May 28, 2015, 10:50 AM EDT
The former led Canada to gold at the most recent World Junior tourney.
May 28, 2015, 10:15 AM EDT
He’s expected to be ready for the start of training camp.
May 28, 2015, 10:00 AM EDT
Both forwards are New Jersey draft picks.
May 28, 2015, 9:00 AM EDT
His contract will expire after 2015-16.
May 28, 2015, 8:15 AM EDT
Thursday’s collection of links.
May 27, 2015, 11:47 PM EDT
He wasn’t the only Anaheim player that deserved to be blamed tonight.
May 27, 2015, 11:01 PM EDT
Chicago endured Anaheim’s comeback attempt to win this one.
May 27, 2015, 10:29 PM EDT
The Ducks might have caught a break there.
May 27, 2015, 10:08 PM EDT
He has seven goals in 15 playoff games.
May 27, 2015, 9:46 PM EDT
Chicago scored three goals within four minutes.
May 27, 2015, 9:32 PM EDT
Jordan Weal has been a big part of Manchester’s success.
May 27, 2015, 8:09 PM EDT
Chicago’s mixing things up for this must-win game.
- Lundqvist on Game 7: ‘You’re definitely nervous, but it comes down to teamwork’ 1
- Report: Bylsma to Sabres being held up by compensation issue 38
- Stanley Cup Final to begin June 3 5
- Caps’ Backstrom undergoes arthroscopic hip surgery 3
- Report: Sens’ Murray to retire after next season 0
- Of course: ‘Hawks, Ducks’ back-and-forth series is going to Game 7 47
- WATCH LIVE: Ducks at Blackhawks, Western Conference Final Game 6 1
- As Bolts deal with illness, extra day of rest could prove beneficial 11
- Sounds like it’s Rundblad, not TVR, in for Chicago on defense 17
- On Kreider, and trying ‘to turn the other cheek’ 54
- Kesler on wearing down Chicago: ‘No human can withstand that many hits’ (75)
- What’s wrong with Lundqvist? (70)
- From healthy scratch to hero: Vermette scores OT winner for Blackhawks (66)
- On Kreider, and trying ‘to turn the other cheek’ (54)
- Fetisov wants to restrict young Russians from playing in the NHL (53)