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Report: Devils owner has deal with investor to get franchise out of debt

By Brian Stubits | Hockey writer
Vanderbeek might be making his way out of the hole. (Getty Images)

It's not even game day in New Jersey and the Devils are already looking at some good news, even if it has nothing to do with Game 5 of the Stanley Cup Final.

One ongoing issue behind the scenes with the Devils this season has been the financial situation of the franchise and specificially the reports of tremendous debt that principal owner Jeff Vanderbeek is in as well as the strife he and co-owner Ray Chambers have had.

All of that has served as a backdrop for not only this season in New Jersey but the future too, specially in talking about what lies ahead for Zach Parise and if the Devils can even afford to make a big offer to their captain this summer.

According to Christopher Botta of Sports Business Journal (subscription), things are starting to look up, way up.

The Devils apparently have found a solution to regaining their financial footing. According to a source close to the situation, Devils Owner Jeffrey Vanderbeek has finalized a deal with a new investor that will enable the franchise to get out of debt.

If things do go down, an announcement can be expected within the next couple of weeks, waiting for the Devils season to come to a close.

It would also take care of a black cloud hanging over the team in New Jersey that has led to some wild speculation that has even wondered if the Devils could possibly move. As unlikely as that scenario was, it illustated the seriousness of the situation and the compounding debt that Vanderbeek reportedly faces.

Obviously that has to be taken care of still and Vanderbeek seems to be headed toward bankruptcy to clear the debt, at which point the new investors can help run the team going forward with Vanderbeeok keeping primary control of the franchise.

It will be interesting to see how immediate this deal could have an impact on the team. Perhaps the look of stability for the future could be enough to allow the Devils to go just a little bit deeper into the pockets.

More from Eye on Hockey

Report: Devils headed for bankruptcy

For more hockey news, rumors and analysis, follow @EyeOnHockey and @BrianStubitsNHL on Twitter and like us on Facebook.

 
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