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Devils reach financial agreement with NHL, lenders, report says

Guest Irishjim

By Guest Irishjim
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Irishjim

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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.

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