The Devils have apparently found a solution to regaining their financial footing. According to a source close to the situation, Devils Owner Jeff Vanderbeek has finalized a deal with a new investor that will enable the franchise to get out of debt. The source said the deal would keep Vanderbeek firmly in charge as the majority owner, while minority owners Ray Chambers and his son-in-law, Mike Gilfillan -- who owned a substantial stake in the Devils through their company, Brick City -- are not expected to have future roles in the organization. The identity of the partner has yet to be announced because, according to the source, there has been an agreement to stay silent until the completion of the Devils’ season. A formal announcement of the deal is expected within two weeks of the conclusion of the Stanley Cup Final. NHL Deputy Commissioner Bill Daly would not confirm the report. He said, “We continue to work closely with Devils' ownership and other interested stakeholders to effectuate a transaction that will stabilize and ensure the future of this franchise for the long term.” Vanderbeek and the Devils declined to comment. An influx of cash is essential to the Devils, as Vanderbeek owes $80M to the banks for building Prudential Center. The Devils began play at Prudential Center in ‘07, but were said to have been losing close to $20M a season before this year’s run to the Stanley Cup Final temporarily stopped the hemorrhaging. The Devils have missed debt payments and the NHL has advanced the team funds from expected revenue from its broadcast deals to keep the team afloat. During the Stanley Cup Final, NHL Commissioner Gary Bettman expressed optimism over Vanderbeek’s ability to save the team by finding investors. “The New Jersey situation, as we understand it at its most up to date point, is that Jeff Vanderbeek is working to both refinance the debt on the club and equity raise,” Bettman said. "He appears to be fairly confident that he can pull this off in the next few weeks.”
