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Jeff Vanderbeek takes control of Devils
Jeff Vanderbeek has taken over sole control of the New Jersey Devils and refinanced the team's debt.
The Devils announced the deal on Thursday as the NHL and its players worked to reach an agreement on a new collective bargaining agreement to save the season,[link widoczny dla zalogowanych].
The Devils said that CIT Group was the lead agency in handling the refinancing. In conjunction with the deal, the minority owners,[link widoczny dla zalogowanych], Brick City Hockey and its related entities,[link widoczny dla zalogowanych], no longer have a stake in the team.
Vanderbeek was close to refinancing the nearly $80 million US in debt during the playoffs last season,[link widoczny dla zalogowanych]. The team's run to the Stanley Cup final - where it lost to Los Angeles in six games - generated roughly $32 million in revenues and Vanderbeek's financial footing also improved with the Prudential Center emerging as one of the country's top revenue-producing facilities in recent years.
"Today's announcement is good news for Devils fans though I fully recognize fans' frustration with the work stoppage," Vanderbeek said in a statement. "Our future is now secure and we can be confident of continued on-ice success. Our team has gone to the Stanley Cup final five times in the last 17 years and following the most recent run to the final last year,[link widoczny dla zalogowanych], we are excited about our future - for Jersey's team and the Prudential Center, home to the 2013 NHL Draft."
Vanderbeek thanked Mike Gilfillan,[link widoczny dla zalogowanych], who owned and ran Brick City Hockey LLC,[link widoczny dla zalogowanych], which had a minority interest the team.
"Together, we shared a passion that led to the building of the Prudential Center - truly a shining jewel of a facility and in my view,[link widoczny dla zalogowanych], one of the best arenas in the entire world,[link widoczny dla zalogowanych]," Vanderbeek said. "The Rock is a great legacy for which we will always be proud."
Economic developmentGilfillan said Brick City's involvement with the Devils was to make pro sports a catalyst for economic development in downtown Newark,[link widoczny dla zalogowanych], along with staging events for concerts and family shows to complement performances in the nearby New Jersey Performing Arts Center.
"Our goal to stimulate and facilitate that growth has been achieved," Gilfillan said in a statement,[link widoczny dla zalogowanych], "and is obvious to everyone, given how much development has occurred near the Prudential Center and the Performing Arts Center,[link widoczny dla zalogowanych], from what is underway,[link widoczny dla zalogowanych], and is to come."
The NHL lockout was in its 110th day Thursday,[link widoczny dla zalogowanych], and both sides understand the urgency to save a shortened season. They have moved closer to one another while swapping proposals, but key issues remain - pensions and salary cap, among them.
Commissioner Gary Bettman has said that the league told the union a deal needs to be in place by next week so that a 48-game season can begin Jan. 19. All games through Jan. 14 along with the All-Star game have been cancelled, claiming more than 50 per cent of the original schedule.
The Devils won the Stanley Cup in 1995,[link widoczny dla zalogowanych], 2000 and 2003, and won additional Eastern Conference championships in 2001 and last season. The 1995 title was won after a shortened season.
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