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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).