Outgoing Devils Owner John McMullen said that
YankeeNets has until August 31 "to complete" its $175M
purchase of the Devils or the deal "will be canceled,"
according to Newman & Bloom of BLOOMBERG NEWS, who write
that YankeeNets "is set to miss" a second deadline tomorrow
to complete the purchase. YankeeNets Chair Harvey Schiller
said that the bid "is being delayed because his group is
"selling six to eight limited partnerships" in the team and
all of those buyers must undergo NHL background checks.
Schiller, who noted the deal "probably would be completed"
in two weeks: "This is going to get done. It's just taking
a little bit more time than we thought." McMullen, on the
August 31 deadline: "It just can't go past August. The team
has to be operated, and things have to be done." McMullen
said that YankeeNets "would owe" another late fee if it
doesn't complete the agreement by tomorrow and "millions" in
breakup fees if the transaction "falls through" (BLOOMBERG
NEWS, 7/27). In N.Y., Richard Sandomir writes that the deal
"is poised" to be completed in a week and "most likely by
the end of next month" (N.Y. TIMES, 7/27).
