Report: Devils sale could be approved Thursday

21 Comments

A group led by billionaire Josh Harris’ efforts to purchase the New Jersey Devils from Jeff Vanderbeek for about $240 million seems to be going very well. In fact, it looks like the NHL’s Board of Governors might approve the sale tomorrow, according to a Bergen Record source.

There are also a pair of Star-Ledger sources who spoke on the issue, with one saying the deal would be finalized Thursday and the other calling it the “target” date.

As of last night, there were still issues to be ironed out, but nothing that was anticipated to hold up the deal. Harris will assume the Devils’ debt, which is reportedly $161 million owed to banks, $30 million to Philadelphia attorney Andrew Barroway, and $34 million to the league. Vanderbeek is also expected to keep a minority stake in the team.

Harris helped found Apollo Global Management, which is a private equity firm, and is the current owner of the Philadelphia 76ers.

Related:

Prospective Devils owner may see turnaround opportunity in New Jersey