SBD/January 23, 2012/Franchises

NHL Reportedly In Talks To Advance Devils Money To Help Team Operate Through Season

Devils are on track to lose up to $20M this season, been unable to repay $80M payment
The NHL is in talks with the Devils to "advance the team money so it can continue to operate through the season," according to Kosman & Everson of the N.Y. POST. Sources said that under the league's plan, Devils Chair & Managing Partner Jeff Vanderbeek would "continue to run the team while he pursues a long-term financing solution." An NHL spokesperson "called a report that the league was considering funding the Devils 'inaccurate,' but declined to elaborate." The team is "on track to lose up to $20 million this season," and has "not been able to repay an $80 million principal payment that was originally due Sept. 1." Vanderbeek has been "looking to raise money by securitizing the team’s long-term television rights deal with the MSG cable sports network" (N.Y. POST, 1/21).
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