FanPost

NHL to freeze out NJ Devils owner Jeff Vanderbeek

NHL to take over the New Jersey Devils, due to finacial woes.

NHL Commissioner Gary Bettman is preparing to take control of the money-losing hockey franchise in the event Vanderbeek fails to refinance the Devils' debt before a looming Aug. 14 deadline.

Vanderbeek is near a deal to sell a majority stake to a mystery investor, which would allow him to keep control of the Eastern Conference champions, one source said. The proceeds from a sale would be used to repay lenders much of the $77 million in past-due debt.

But while Bettman has said publicly that he expects the Devils' financial situation to be resolved soon, his behind-the-scenes moves suggest he's far from confident that a deal will get done.

His skepticism shouldn't come as a surprise. Since the Devils missed a principal payment in September.

The commissioner is expected to give Vanderbeek a few more weeks to complete a financial restructuring but will not wait until the Aug. 14 deadline passes, sources said.

The commissioner is expected to give Vanderbeek a few more weeks to complete a financial restructuring but will not wait until the Aug. 14 deadline passes, sources said.

The NHL would likely force him out sooner to give suitors enough time to study the team's financials and make an offer to lenders before the bankruptcy deadline, according to sources.

It is interesting to note: I don't remember the NJ Devils having finacial problem while they were domiciled in the old Continental Air Lines Arena. All this has to have happened once they moved to Newark. The citry of Newark and the NJ Devils have had their finacial problems from the start. Could these finacial problems lead to a NJ Devils players firesale? Will NJ be able to sign Parise? Can they afford to sign anyone to huge $$$ in the near future? Will any future UFA, RFA think twice before they even consider signing with NJ?

<em>Submitted FanPosts do not necessarily reflect the views of this blog or SB Nation. If you're reading this statement, you pass the fine print legalese test. Four stars for you.</em>

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