Tebow Helps Fireflies Lead Single-A In Attendance Franchise Notes Stanley Cup Viewership Up On Canadian Outlets Sources: Marlins Using Jeter To Elicit Interest In Team NBC's Lead NHL Team Earning Kudos Sabres Have No Timetable To Hire New Leadership NBA Kings Beef Up Their Front Office MLB Cardinals Working On Performance Department Chiefs Raise Cash Gameday Parking Prices Franchise Notes
Upcoming Conferences and Events
May 31 - Jun 1
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).