From one to the other - NHL may take over the Devils

[killgod]

Forbes Magazine, citing multiple sources, reports that the National Hockey League will take ownership of the New Jersey Devils before the start of the season unless a new buyer steps up.

The Devils have struggled financially in recent years and according to the report, they carry a $230 million debt to which team owner Jeff Vanderbeek missed the first payment. The team's annual debt payment is reportedly about $15 million a year.

Comcast SportsNet's Tim Panaccio spoke with Bill Daly about the report, to which the NHL deputy commissioner denied that the league is intending to take over the Devils' operations.

"To the extent it suggests that (the) league is intending to take over the club, it is inaccurate," Daly said.

According to sources with Forbes, the league does not want the Devils to file for bankruptcy. The Phoenix Coyotes, who filed for bankruptcy in 2009, recently sold for $170 million to the IceArizona group led by Renaissance Sports & Entertainment's George Gosbee and Anthony LeBlanc.

The Devils owe the league roughly $25 million and their payroll for the start of next season is projected to be around $55 million.

At least they have a new building and are in a more traditional market. Too bad nobody in Jersey really gives a shit.

[Ravin]

Both Daly and and Bettman said they are not taking over the team, and there is a lot of groups right now in the mix to buy the team, and the league expects the sale to happen probably within the next couple of weeks. This should be fairly easy to get done, and wont turn into a Phoenix situation. The Devils issues was all money shit, and their lack of control on spending. They dodged a huge bullet, and gained more players in the buying market of the team when Kovy decided to give up most of his salary to leave. Made every new owner that much more willing to get involved.

[Guest]

Billionaire from Calgary and a group led by the owners of the Philadelphia 76ers are the leading candidates as buyers.