Aug 16, 2014, 1:05 PM EST
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.
Jan 28, 2015, 1:45 AM EST
Vancouver has now been shutout in back-to-back home games.
Jan 28, 2015, 1:00 AM EST
Pittsburgh was without Crosby and Malkin.
Jan 28, 2015, 12:15 AM EST
He’s going to need some dental work.
Jan 27, 2015, 11:45 PM EST
Philly erased an early 2-0 deficit to earn two points.
Jan 27, 2015, 11:15 PM EST
Carolina is now 7-1-2 in January.
Jan 27, 2015, 10:45 PM EST
Both players are unrestricted free agents after this season.
Jan 27, 2015, 10:15 PM EST
Okposo missed his first game due to an upper body injury.
Jan 27, 2015, 9:30 PM EST
Received a major penalty and a game misconduct for boarding.
Jan 27, 2015, 9:00 PM EST
Happened during the first period tonight in Philly.
Jan 27, 2015, 8:30 PM EST
The 19-year-old underwent hip surgery in November.
Jan 27, 2015, 8:05 PM EST
The Philly starter allowed two goals on the first four shots.
Jan 27, 2015, 7:35 PM EST
Jim Benning was “exploring” a trade for the goaltender.
Jan 27, 2015, 7:00 PM EST
Appeared in 1,260 games.
Jan 27, 2015, 6:30 PM EST
Tampa has won both meetings between the two clubs this season.
Jan 27, 2015, 5:41 PM EST
7:30 p.m. ET, from PNC Arena, on NBCSN.
Jan 27, 2015, 5:06 PM EST
“There’s a potential even to bring him to Arizona for at least a cup of coffee at the end of the year.”
Jan 27, 2015, 4:26 PM EST
For the old barn in Anaheim.
Jan 27, 2015, 3:33 PM EST
He’ll play on the top line with John Tavares and Josh Bailey against the Rangers.
Jan 27, 2015, 3:11 PM EST
Kick off six straight games at Rogers Arena tonight versus Anaheim.
Goalie nods: Greiss starts for Pens, which has nothing to do with Fleury getting lit up at the All-Star Game
Jan 27, 2015, 2:27 PM EST
News and notes from around the crease…
- Trade: Pens acquire Lapierre from Blues for Goc 39
- Video: Habs’ Emelin ejected for hit on Stars’ Spezza 7
- Martin Brodeur to retire, become Blues asst. GM (Updated) 41
- Mike Richards clears waivers 32
- Game on: Islanders-Rangers to be played despite storm 15
- Flyers’ Rinaldo suspended eight games for his hit on Letang 56
- Isles’ rise to be tested as they lose Okposo for 6-8 weeks 16
- L.A. Sorry? Kings waive Mike Richards 123
- Bobrovsky out 4-6 weeks, Jackets recall goalie Forsberg 3
- Blue Jackets proud as Columbus shows it’s a hockey town 24
- Columnist: Flyers ‘orchestrated’ fight night versus Pens during meal at ‘a local steakhouse’ (130)
- L.A. Sorry? Kings waive Mike Richards (123)
- Report: Flyers’ Rinaldo waives right to an in-person hearing (61)
- Video: NHL offers Flyers’ Rinaldo in-person hearing (57)
- Flyers’ Rinaldo suspended eight games for his hit on Letang (56)