Jump to content

Devils reach financial agreement with NHL, lenders, report says


Guest Irishjim
 Share

Recommended Posts

11533380-large.jpg

The New York Post reported this morning that the Devils have reached a complex financial agreement with the NHL and lenders to restructure loan payments. The deal will allow owner Jeff Vanderbeek to remain in control of the team for at least two years.

The Post reports that part of the deal requires the NHL to "convert its multi-million dollar advance on licensing income into a secured loan and to put off repayment for 24 months, or longer."

As a result, Vanderbeek will be able to pay off $40 million in overdue loans. Vanderbeek has also combined the team's debt with that of its arena, the Prudential Center in Newark, creating a $160 million debt package.

By appeasing the NHL and lenders, Vanderbeek has avoided a scenario where the NHL could threaten a takeover of the team.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...