Newark, NJ (Sports Network) - Jeff Vanderbeek has made a deal which will allow
him to retain full control of the New Jersey Devils and avoid a looming
In its Thursday report, the Star-Ledger revealed the deal was settled within
the last week, and that Vanderbeek was able to work with the National Hockey
League and several banks -- including lead debt arranger CIT Group -- to whom
he owed $178 million.
According to the paper, Brick City Entertainment, who assisted Vanderbeek in
purchasing the Devils, will divest itself from any control in the team. The
principals of the company, Michael Gilfillan and Ray Chambers, also helped
Vanderbeek construct Prudential Center, which was opened in 2007.
Despite the financial turmoil, New Jersey appeared in its fifth Stanley Cup
Final in June, losing a six-game series to the Los Angeles Kings. The windfall
from that title run was an estimated $32.3 million, reported the Star-Ledger.
The Sports Network