Report: Devils owner seeking $20 million to pay off overdue loans

16 Comments

It looks like prospective Coyotes owner Greg Jamison isn’t the only guy in need of cash for a team.

According to Josh Kosman of the New York Post, Devils owner Jeff Vanderbeek is seeking $20 million to help pay off overdue loans. Despite the bleak news, Kosman’s source remains upbeat.

“He has not given up,” a source close to the Newark franchise said yesterday, adding confidently that Vanderbeek will raise the $20 million needed and work out a solution to remain in charge of the team.

Vanderbeek has been in search of cash for the team since September when the team reportedly missed an $80 million loan repayment. He reportedly has until August 14, a week from today, to pay off the lenders or he could lose control of the team.

As was reported after the Stanley Cup finals, the NHL reportedly has a Coyotes-like takeover plan in place for the Devils should Vanderbeek fall short of the funds needed to remain in control. The league has denied those reports, however.

With CBA negotiations going on and the league already neck-deep in problems in Phoenix, this could be shaping up into another financial mess for the NHL to wrangle. Maybe the owners want to go over that revenue sharing stuff one more time.