SBD/August 17, 2012/Franchises

Sources Skeptical Of Jeff Vanderbeek's Deal For Cash Infusion In Devils

After a N.Y. POST report that Devils Owner Jeff Vanderbeek is close to a deal to maintain hold on the franchise, sources said that a "significant deal is moving forward but they were skeptical” about the deal moving forward, according to Giambusso & Chere of the Newark STAR-LEDGER. The sources also said that while “something may emerge within the week, the team has been negotiating similar settlements for over a year and nothing has materialized” (Newark STAR-LEDGER, 8/17). Meanwhile, SI.com’s Stu Hackel wrote Vanderbeek “has the escape ability of Houdini.” Despite missing numerous deadlines to pay debts, it appears “he’ll keep control of his team, get more time to refinance his club and seek new partners.” When you owe “massive amounts of money, allowances are made.” Those to whom Vanderbeek is “indebted recognize that if they declared him in default and set the wheels in motion to force him into bankruptcy, they might end up with lots of pennies instead of lots of dollars.” Hackel: “The man is dogged, resourceful and, ultimately, successful. When it comes to those qualities, the Devils have a good role model in the owner’s suite" (SI.com, 8/16).
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