YankeeNets Chair Harvey Schiller "insists" the
company's deal to purchase the Devils will be completed by
the end of the month even though the company wasn't able to
meet today's deadline, according to Mark Everson of the N.Y.
POST. The $176M sale "was slated to close today, but it is
expected that there will be no transfer of funds and no
change of hands." Schiller "denied suggestions" yesterday
that YankeeNets "still lacked the financing to complete the
transaction" and "blamed the delay on the financial
documentation required by the NHL" after John Spano's failed
deal for the Islanders. Schiller also "denied rumblings"
that outgoing Devils Owner John McMullen "was being asked to
retain part of the team in lieu of partial payment."
Meanwhile, Everson reports "it is believed" that Yankees
Owner George Steinbrenner has "limited his financial
involvement in the deal, preferring to concentrate" on the
Yankees (N.Y. POST, 7/12).
RAZED AND CONFUSED? In Newark, Jordan & Futterman write
that YankeeNets execs are now mentioning the idea of
"closing" Continental Airlines Arena in their talks with NJ
state officials over funding for a new arena in Newark.
Newark Sports & Entertainment Exec Dir Ray Levy said that
"razing" the arena after a new facility for the Nets and
Devils is built in Newark "would save the state at least"
$20M a year in operating losses, maintenance fees and
continued debt service (Newark STAR-LEDGER, 7/12).
