A's GM Beane Goes "All In" With Lester Trade Tigers Up The Ante By Landing David Price Red Sox Eye '15 With Trades Royals Sit Out Trade Deadline Due To Finances Cards Roll Dice, Other Contenders Stand Pat Toronto Group's Status Uncertain In Bills Sweepstakes Bulls' Rose Admits To Tension With Front Office Minneapolis' MLS Pursuit Heats Up Golisano Reportedly Could Still Bid For Bills Texans' McNair Withholding Judgement On Raiders
Upcoming Conferences and Events
SBD/January 4, 2013/Franchises
Devils' Vanderbeek Takes Sole Ownership; Refinances Part Of Team's $178M Debt
Published January 4, 2013
FULL SUPPORT: In Newark, Rich Chere noted the NHL has "no issue" with the timing of the announcement. League officials were “consulted in advance” that Vanderbeek would be making his announcement. Devils President, CEO & GM Lou Lamoriello said that there was "nothing unusual about the timing." The NHL "approved Vanderbeek assuming 100 percent control of the team just before Christmas" (NJ.com, 1/3). In N.Y., Ken Belson notes with the backing of NHL Commissioner Gary Bettman, Vanderbeek "kept the banks at bay and worked out a deal to refinance part of the team's debt, which is about $178 million." With interest rates "near record lows, refinancing a chunk of the team’s debt most likely freed money to pay down some of it." Going forward it is "almost certain that the Devils and other teams will receive a greater share of the league’s revenue, perhaps another reason banks were willing to refinance some of the Devils’ debts" (N.Y. TIMES, 1/4).