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.
Jul 7, 2015, 10:59 PM EDT
He was taken with the ninth overall selection.
Jul 7, 2015, 10:40 PM EDT
What kind of contract is he looking at?
Jul 7, 2015, 9:11 PM EDT
At one time he was regarded as a contender to be the Buffalo Sabres’ new bench boss.
Jul 7, 2015, 7:50 PM EDT
Both contracts are two-ways.
Jul 7, 2015, 6:30 PM EDT
That might take a while.
Jul 7, 2015, 5:19 PM EDT
The doctor, Kozlov, allegedly has a suspected head injury.
Jul 7, 2015, 4:07 PM EDT
Backes and Schwartz have one season left on their contracts.
Jul 7, 2015, 2:38 PM EDT
Was most recently an assistant under Randy Carlyle in Toronto.
Jul 7, 2015, 1:09 PM EDT
Coming off a 37-goal season.
Jul 7, 2015, 1:08 PM EDT
“He’s a reliable depth forward who we know is capable of contributing offensively at either level.”
Jul 7, 2015, 12:41 PM EDT
It’s been a long negotiation.
Jul 7, 2015, 11:59 AM EDT
Stepped in to play the final four games of the Stanley Cup Final.
Jul 7, 2015, 10:41 AM EDT
Milwaukee is trying to get a new arena built.
Jul 7, 2015, 10:05 AM EDT
Jarmo Kekalainen brings a local boy into the organization.
Jul 7, 2015, 9:00 AM EDT
“He’s obviously a great talent.”
Jul 7, 2015, 8:00 AM EDT
In ESPN’s The Body Issue, of course.
Jul 6, 2015, 11:22 PM EDT
“It happened pretty fast. All of a sudden two fingers are not working.”
Jul 6, 2015, 9:59 PM EDT
25-year-old defenseman struggled mightily last season.
Jul 6, 2015, 8:48 PM EDT
Connor McDavid’s running mate in Erie was the OHL’s leading scorer last season.
Jul 6, 2015, 7:25 PM EDT
Quebec City and Las Vegas have already expressed interest.
- Big money: Tarasenko signs eight-year, $60 million extension with Blues 75
- Blackhawks extend TVR through 2017-18 3
- Good start: McDavid scores five in Oilers scrimmage 33
- Caps ink Kuznetsov to two-year, $6 million extension 9
- Bruins sign three — Hayes, Connolly, and DeFazio 12
- Babcock expects Kadri to be ‘an elite player’ 15
- No expansion bid expected from Kansas City 37
- Leafs sign Matthias — one year, $2.3 million 17
- Report: Kopitar, Kings in ‘early stages of negotiations’ for extension 12
- Arbitration filed: Holtby, Nyquist & Stepan highlight list released by NHLPA 15
- Blockbuster: Kessel traded to the Penguins (131)
- Expansion process underway as NHL sends out applications (94)
- Big money: Tarasenko signs eight-year, $60 million extension with Blues (75)
- Sabres lock up O’Reilly through 2022-23 (74)
- Trade: Caps acquire Oshie from Blues for Brouwer, Copley and draft pick (73)