Devils owner Jeff Vanderbeek has finally struck a deal to refinance the team’s debt and buy out his partners, ending months of wrangling over the cash-strapped club.
The agreement with lenders gives Vanderbeek two and a half years to stabilize the team’s finances and meet certain financial targets, or they have the right to remove him as owner, sources said.
He has a chance of hitting his targets but it is far from a sure thing, one source added. Much depends on the new collective bargaining agreement between the NHL and its players and if the team makes the playoffs. The Devils last year missed debt payments and the NHL had to advance the team money to keep it operating.
Vanderbeek is now sole owner after buying out Michael Gilfillan, who owned 47 percent, and Peter Simon, who owned the remaining 6 percent.
“Our future is now secure, and we can be confident of continued on-ice success,” Vanderbeek said.
While financial details weren’t disclosed, Vanderbeek personally put down much of the $20 million that went to pay overdue loans and get lenders to agree to a $160 million package that covers both the team and arena debt.
Deal makes Vanderbeek sole owner of Devils
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Deal makes Vanderbeek sole owner of Devils
