NHLPA Memo: Devils May Be Sold; Potential Buyer Loaned Team $30M
Amid speculation that Devils Owner Jeff Vanderbeek may sell the team to attorney Andrew Barroway after he loaned the team $30M, it "remains unclear" whether Vanderbeek "will maintain control of the hockey team" and parent company Devils Arena Entertainment. Sources said that if a sale were to occur, there are "no plans to move the team out of Newark" (Newark STAR-LEDGER, 6/30). The NHLPA in a memo last Thursday told its members that Barroway "has loaned" the Devils $30M "and may buy" the team. NHL officials said that Barroway is "currently negotiating with" Vanderbeek and their "expectation is that either Barroway or another ownership group will end up owning the team within the next 120 days or so.” The memo "does not mention purchase price, nor does it say how much total debt is tied to the team and arena." A source "estimated the liabilities to be well over" $230M (FORBES.com, 6/28).