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SBD/June 16, 2011/Franchises
Vanderbeek Reportedly In Talks To Buy Ray Chambers' Stake In Devils
Published June 16, 2011
Devils investor Ray Chambers is "in talks to sell his piece of the team" to majority Owner Jeff Vanderbeek, according to Josh Kosman of the N.Y. POST. Chambers controls 47% of Devils Arena Entertainment -- which owns the team and operates Prudential Center -- and a source said that he is in talks with Vanderbeek "on a deal that is likely to be priced at less than $200 million." Chambers "put his stake on the market back in February and was seeking about $250 million," but sources indicated that "there were no takers at that price." A source said that there is a "clause in the deal between the two sports investors that could force Vanderbeek to buy Chambers' stake at a given price," but the two "hope the current talks make enforcing that clause moot." Vanderbeek "does not have the money to finance the purchase of Chambers' stake," and sources said that he has "brought on board outside investors to help close the deal." Kosman notes in the FY ending July 1, Devils Arena Entertainment is "expected to report a modest" profit. That would be the company's "first year in the black in its four-year existence" (N.Y. POST, 6/16).