Skip to content

Report: Devils to lose money in 2014-15

Aug 16, 2014, 1:05 PM EDT

New York Islanders v New Jersey Devils Getty Images

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.”

Lamoriello pointed to the signing of unrestricted free agent Mike Cammalleri and contract extensions to Cory Schneider and Andy Greene as ways things have changed under the new group.

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.

Related: Devils GM shakes off 0-13 shootout record, pumps up free agent moves

Latest Posts
  1. Report: Sharks sign ’15 first rounder Meier

    Jul 7, 2015, 10:59 PM EDT

    Timo Meier AP

    He was taken with the ninth overall selection.

  2. Ottawa re-signs AHL coach Richardson

    Jul 7, 2015, 9:11 PM EDT

    Binghamton_Senators

    At one time he was regarded as a contender to be the Buffalo Sabres’ new bench boss.

  3. Blues appear set in the short-term, but difficult decisions loom

    Jul 7, 2015, 4:07 PM EDT

    Jaden Schwartz Getty Images

    Backes and Schwartz have one season left on their contracts.

  4. Avs add Farrish to coaching staff

    Jul 7, 2015, 2:38 PM EDT

    Toronto Maple Leafs v Ottawa Senators Getty Images

    Was most recently an assistant under Randy Carlyle in Toronto.

  5. Canes sign Zach Boychuk to one-year, two-way deal

    Jul 7, 2015, 1:08 PM EDT

    Zach Boychuk Getty Images

    “He’s a reliable depth forward who we know is capable of contributing offensively at either level.”

  6. Blackhawks extend TVR through 2017-18

    Jul 7, 2015, 11:59 AM EDT

    2015 NHL Stanley Cup Final - Game Six Getty Images

    Stepped in to play the final four games of the Stanley Cup Final.

  7. Blue Jackets sign Columbus-born Kole Sherwood

    Jul 7, 2015, 10:05 AM EDT

    2015 NHL Draft - Round One Getty Images

    Jarmo Kekalainen brings a local boy into the organization.

  8. Good start: McDavid scores five in Oilers scrimmage

    Jul 7, 2015, 9:00 AM EDT

    Connor McDavid AP

    “He’s obviously a great talent.”

  9. PHT Morning Skate: Tyler Seguin is naked

    Jul 7, 2015, 8:00 AM EDT

    TylerSeguin

    In ESPN’s The Body Issue, of course.

  10. Report: Wild’s Backstrom suffered serious nerve damage in elbow

    Jul 6, 2015, 11:22 PM EDT

    Niklas Backstrom AP

    “It happened pretty fast. All of a sudden two fingers are not working.”

  11. Oilers taking Schultz to arbitration

    Jul 6, 2015, 9:59 PM EDT

    Justin Schultz Getty Images

    25-year-old defenseman struggled mightily last season.

  12. Coyotes sign No. 3 overall pick Strome to entry-level deal

    Jul 6, 2015, 8:48 PM EDT

    Dylan Strome Dylan Strome

    Connor McDavid’s running mate in Erie was the OHL’s leading scorer last season.

  13. Expansion process underway as NHL sends out applications

    Jul 6, 2015, 7:25 PM EDT

    OTTAWA, ON - APRIL 26:  NHL Commissioner Gary Bettman addresses the media prior to Game Six of the Eastern Conference Quarterfinals during the 2015 NHL Stanley Cup Playoffs at Canadian Tire Centre on April 26, 2015 in Ottawa, Ontario, Canada. The Montreal Canadiens eliminated the Ottawa Senators by defeating them 2-0 and move to the next round of the Stanley Cup Playoffs. (Photo by Minas Panagiotakis/Getty Images) Getty Images

    Quebec City and Las Vegas have already expressed interest.

Top 10 NHL Player Searches
  1. S. Voynov (2915)
  2. R. O'Reilly (2871)
  3. B. Saad (2839)
  4. B. Richards (2484)
  5. Z. Kassian (2434)
  1. M. St. Louis (2334)
  2. M. Green (2324)
  3. P. Kessel (2323)
  4. C. McDavid (2116)
  5. J. Allen (2051)